The HSN code 72042190 refers to Alloy steel waste and scrap: Other. This classification falls under the broader category of waste and scrap of iron or steel within the Harmonized System of Nomenclature (HSN).
Understanding HSN Code 72042190
The Harmonized System of Nomenclature (HSN) is an internationally recognized product classification system used by customs authorities worldwide to classify goods for various purposes, including taxation, customs duties, and trade statistics. Each code provides a detailed description of a product, ensuring consistency in trade across different countries.
HSN code 72042190 specifically categorizes certain types of metallic waste. Let's break down its components:
- 72: This chapter of the HSN system generally covers "Iron and steel."
- 04: This heading within Chapter 72 is dedicated to "Waste and scrap of iron or steel; re-melting scrap ingots of iron or steel."
- 21: This sub-heading further specifies "Alloy steel waste and scrap." Alloy steel refers to steel that is alloyed with a variety of elements in total amounts between 1% and 50% by weight to improve its properties.
- 90: This final two-digit classification, often referred to as the tariff item or sub-heading in certain countries (like India, where HSN is used extensively for GST), denotes "Other." This typically means that the waste and scrap of alloy steel does not fall into more specific sub-categories within 720421 (if any exist beyond this level in the local classification), making it a catch-all for miscellaneous alloy steel scrap.
Practical Implications and Examples
The classification of goods using HSN codes is crucial for:
- Customs Duties: Determining the applicable import or export duties.
- Taxation: For domestic taxes like Goods and Services Tax (GST) in India, HSN codes help assign the correct tax rates.
- Trade Statistics: Enabling governments and international bodies to collect and analyze data on global trade flows.
For HSN 72042190, the term "Other" implies a variety of alloy steel waste and scrap materials that aren't specifically itemized under other detailed sub-categories. This could include:
- Mixed Alloy Scrap: Batches of alloy steel scrap where various types are mixed and not easily separable into more specific classifications.
- Residual Scrap: Smaller quantities of alloy steel waste that are by-products of manufacturing processes and don't fit into more defined categories like turnings, filings, or specific types of bar or sheet scrap.
- Unidentifiable Alloy Waste: Scrap where the exact alloy composition is unknown or variable, making precise categorization difficult.
| HSN Code | Description | Chapter | Heading | Sub-Heading | Specificity |
|---|---|---|---|---|---|
| 72042190 | Alloy steel waste and scrap: Other | Iron and Steel | Waste and scrap of iron or steel | Alloy steel waste and scrap | Other (miscellaneous) |
Understanding this code is essential for businesses involved in the metal recycling industry, steel manufacturing, and international trade of ferrous scrap materials, ensuring proper compliance with customs regulations and tax obligations.
For more general information on the Harmonized System, you can refer to resources provided by the World Customs Organization, which oversees the HSN.
