Under the GST regime, HSN Code 72042190 classifies Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other within Chapter 72 – Iron And Steel. This code is essential for businesses to correctly calculate and remit taxes on Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other. The applicable rates are CGST at 0.09, SGST/UTGST at 0.09 for within-state sales, and IGST at 0.18 for interstate supplies. Goods are quantified using kg..
HSN Codes under Chapter 72 – Iron And Steel
Below are related HSN codes from Chapter 72 – Iron And Steel for your reference:
| Chapter | HSN Code | Description | CGST | SGST/UTGST | IGST |
|---|---|---|---|---|---|
| Iron And Steel... | 72011000 | Pig Iron And Spiegeleisen In Pigs, Blocks Or Other... | 0.09 | 0.09 | 0.18 |
| Iron And Steel... | 72012000 | Pig Iron And Spiegeleisen In Pigs, Blocks Or Other... | 0.09 | 0.09 | 0.18 |
| Iron And Steel... | 72015010 | Pig Iron And Spiegeleisen In Pigs, Blocks Or Other... | 9.00% | 9.00% | 18.00% |
| Iron And Steel... | 72015090 | Pig Iron And Spiegeleisen In Pigs, Blocks Or Other... | 0.09 | 0.09 | 0.18 |
| Iron And Steel... | 72021100 | Ferro-Alloys - Ferro-Manganese : Containing By Wei... | 0.09 | 0.09 | 0.18 |
| Iron And Steel... | 72021900 | Ferro-Alloys - Ferro-Manganese : Other | 0.09 | 0.09 | 0.18 |
| Iron And Steel... | 72022100 | Ferro-Alloys - Ferro-Silicon: Containing By Weight... | 0.09 | 0.09 | 0.18 |
| Iron And Steel... | 72022900 | Ferro-Alloys - Ferro-Silicon: Other | 0.09 | 0.09 | 0.18 |
| Iron And Steel... | 72023000 | Ferro-Alloys - Ferro-Silico-Manganese | 0.09 | 0.09 | 0.18 |
| Iron And Steel... | 72024100 | Ferro-Alloys - Ferro-Chromium : Containing By Weig... | 0.09 | 0.09 | 0.18 |
GST Rates for HSN 72042190
Goods classified as Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other under HSN 72042190 are taxed based on transaction type. Local sales attract CGST at 0.09 plus SGST/UTGST at 0.09. For supplies crossing state boundaries, IGST at 0.18 applies. Documentation must reflect kg. as the measurement standard for Chapter 72 – Iron And Steel products.
Who Should Use HSN Code 72042190?
Traders, manufacturers, and importers of Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other are required to mention HSN Code 72042190 on all GST documents. This Iron And Steel classification under Chapter 72 is mandatory for compliance across all business formats including online sellers.
Business Registration Requirements
Entering the Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other market requires essential registrations. GST registration enables legal tax collection on HSN 72042190 goods. For cross-border trade in Iron And Steel items, secure an Import Export Code. Exporters additionally need AD Code registration for bank processing. Begin with company registration to establish your business entity.
Why Correct Classification Matters
Correct HSN Code 72042190 application for Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other ensures smooth input credit utilization and assessment processes. Track 0.09, 0.09, and 0.18 rate changes for Chapter 72 – Iron And Steel through official notifications for continuous compliance.
Frequently Asked Questions (FAQs)
How many digits of HSN Code 72042190 should I mention on invoices?
The number of HSN digits depends on your annual turnover. Businesses with turnover above Rs 5 crore must mention 6 digits, while others may use 4 digits. Always use the complete HSN 72042190 for accurate classification of Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other.
Can I claim input tax credit on Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other purchases?
Yes, registered businesses can claim input tax credit on Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other purchases made under HSN 72042190. Ensure your supplier mentions correct HSN code and GST rates (0.09, 0.09) on the invoice.
What is the difference between CGST and IGST for HSN 72042190?
CGST at 0.09 plus SGST/UTGST at 0.09 applies when Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other is sold within the same state. IGST at 0.18 is charged when goods move across state borders or are imported.
Is Import Export Code necessary for trading Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other domestically?
No, Import Export Code is only required if you plan to import or export Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Of Stainless Steel : Other internationally. For domestic trade within Iron And Steel, GST registration is sufficient.
