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HSN Code - 72299070 : Shaped and profiled wires of cross-section (Crimped wire)
| HSN CODE | Description | Policy |
|---|---|---|
| 7229 | WIRE OF OTHER ALLOY STEEL | |
| 722990 | Shaped and profiled wires of cross-section | |
| 72299070 | Crimped wire | Free |
Harmonised System of Nomenclature (HSN Codes) 72299070 are used for the Crimped wire products under Goods and Service Tax classification.
India was originally using 6 digit HSN codes to classify commodities but later two more digits were added to make the codes more precise, resulting in an 8 digit classification.
Understanding HSN Code 72299070
First two digits (72) represent the chapter number which is Chapter 72 - Iron and steel
Next two digits (29) represent the heading number which is WIRE OF OTHER ALLOY STEEL
Next two digits (90) represent the product code which is Shaped and profiled wires of cross-section
Last two digits (70) are for final or deeper classification which is Crimped wire
All 8 digits of HSN code is mandatory for export & imports for tax invoice of GST.
FAQs on HSN Code 72299070
What is HSN Code 72299070 used for?
HSN Code 72299070 is used to classify goods under GST for invoicing, taxation, import, and export. Businesses use this code to correctly identify products while filing GST returns and trade documents.
Is HSN Code 72299070 mandatory for GST invoices?
Yes. HSN codes are mandatory on GST invoices for most businesses, especially for B2B transactions, exports, and imports. The level of digits required depends on turnover and transaction type.
What is the GST rate for HSN Code 72299070?
The GST rate for HSN Code 72299070 depends on the product specification and the latest GST notifications. Businesses should verify the applicable rate from CBIC notifications or consult a tax professional before invoicing.
What is the import or export policy for HSN Code 72299070?
As per current trade policy, HSN Code 72299070 falls under "Free" category. Import or export may be subject to specific conditions or approvals.
What is the difference between HSN Code and SAC Code?
HSN codes are used for goods or products, while SAC codes are used for services. Businesses dealing in both goods and services must use the correct code type for GST compliance.