Chapter 72 of the GST framework covers Iron And Steel, and HSN Code 72042990 specifically identifies Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Other for taxation purposes. This classification is mandatory for all businesses engaged in the supply of Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Other. Tax rates applicable include CGST at 0.09, SGST/UTGST at 0.09, and IGST at 0.18 for interstate movements. The standard unit of measurement is 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 72042990
For Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Other classified under HSN Code 72042990, tax computation follows GST principles. CGST at 0.09 plus SGST/UTGST at 0.09 covers intrastate sales. IGST at 0.18 applies to interstate transactions. kg. is the prescribed measurement for Iron And Steel under Chapter 72.
Who Should Use HSN Code 72042990?
Manufacturers, wholesalers, retailers, and exporters dealing in Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Other are required to mention HSN 72042990 on all tax documents. This classification under Iron And Steel applies to businesses of all sizes operating within Chapter 72. Proper usage ensures accurate return filing and audit compliance.
Business Registration Requirements
Entering the Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Other market requires essential registrations. GST registration enables legal tax collection on HSN 72042990 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
Accurate HSN Code 72042990 usage for Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : Other simplifies reconciliation and protects against penalties. Keep current with 0.09, 0.09, and 0.18 updates for Chapter 72 – Iron And Steel to ensure ongoing compliance.
Frequently Asked Questions (FAQs)
How many digits of HSN Code 72042990 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 72042990 for accurate classification of Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel - Waste And Scrap Of Alloy Steel : Other : 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 : Other : 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 : Other : Other purchases made under HSN 72042990. 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 72042990?
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 : Other : 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 : Other : 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 : Other : Other internationally. For domestic trade within Iron And Steel, GST registration is sufficient.
