Under the GST regime, HSN Code 72042920 classifies Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel 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 : Other : Of High Speed Steel. The applicable rates are CGST at 9.00%, SGST/UTGST at 9.00% for within-state sales, and IGST at 18.00% 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 72042920
The taxation of Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel under HSN Code 72042920 depends on supply location. Intrastate transactions require CGST at 9.00% and SGST/UTGST at 9.00%. Interstate supplies are charged IGST at 18.00%. Invoices should consistently use kg. for Iron And Steel goods under Chapter 72.
Who Should Use HSN Code 72042920?
Traders, manufacturers, and importers of Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel are required to mention HSN Code 72042920 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
Commencing trade in Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel? Secure GST registration to handle taxes on HSN 72042920 classified goods. Businesses with international operations in Iron And Steel need an Import Export Code. Exporters require AD Code registration for foreign currency receipts. Start with company registration to formalize your business structure.
Why Correct Classification Matters
Accurate HSN Code 72042920 usage for Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel simplifies reconciliation and protects against penalties. Keep current with 9.00%, 9.00%, and 18.00% updates for Chapter 72 – Iron And Steel to ensure ongoing compliance.
Frequently Asked Questions (FAQs)
What is the unit of measurement for HSN 72042920?
The standard unit of measurement for Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel under HSN Code 72042920 is kg.. All invoices and GST returns must reflect quantities using this measurement standard.
Is HSN Code 72042920 mandatory for small businesses?
Yes, businesses dealing in Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel must use HSN 72042920 on invoices regardless of their size. The number of digits required may vary based on turnover thresholds set by GST rules.
What happens if I use wrong HSN code for Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel?
Using incorrect classification can result in wrong tax calculation, rejected input credits, and penalties during assessment. Always verify HSN 72042920 for Iron And Steel goods before invoicing.
Do I need AD Code registration for exporting Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel?
Yes, AD Code registration is required for exporters dealing in Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Of High Speed Steel under Iron And Steel. This registration links your bank account to process foreign currency payments from overseas buyers.
