HS Code Guide · EPM Subvention
HS Code 030743 Meaning — Cuttlefish & squid, frozen: Global Trade, India & Factoring Guide
HS 030743 covers cuttlefish & squid, frozen. This guide explains what the code includes, its global trade, India's position, how GIFT City helps factor it, and whether MSME factoring qualifies for the 2.75% interest subvention.
What this HS code covers
HS 030743 sits in 03 — Fish, crustaceans & aquatic invertebrates. Official tariff description: “Molluscs; cuttle fish and squid, whether in shell or not, frozen” In plain terms, it covers cuttlefish & squid, frozen. Classification decides duty and documents; this 6-digit line is in the DGFT positive list (Trade Notice 25/2025-26 Annex V), so MSME factoring under it qualifies for the 2.75% subvention — details below.
What is HS 030743?
HS 030743 covers frozen cuttlefish and squid — Sepia/Sepiola and Loligo spp., whether in shell or not. Fresh/chilled is 030742, smoked is separate.
Official description: Molluscs; cuttle fish and squid, whether in shell or not, frozen
What HS 030743 does in trade
- Groups the two cephalopods that share cold-chain and processing — buyer contracts write 030743 for frozen blocks/cleaned tubes.
- Is eligible — frozen cephalopods are in the positive list, so factoring qualifies for 2.75%.
- Enables factoring for a high-value seafood with 60–90 day terms to EU/East Asia.
Global perspective — where HS 030743 moves
Global frozen squid/cuttlefish trade is squid-dominated. Long-distance fleets and coastal artisanal supply both exist. Spain, Japan and Italy are demand anchors.
| Top global exporters | Top global importers |
|---|---|
| China | Spain |
| India | Italy |
| Vietnam | Japan |
| Spain | South Korea |
| Morocco | Thailand |
India's stance on HS 030743
India is a top-5 frozen cephalopod exporter — Gujarat, Maharashtra, Kerala hubs. MPEDA regulates; EU is the premium market. Cephalopods are a key eligible seafood after shrimp.
Export docs to watch
Cephalopods need EIA health certificate, MPEDA, and for EU catch/hygiene compliance. Net weight after glaze must match.
GIFT City — factoring HS 030743 in foreign currency
Squid/cuttlefish is USD/EUR to EU — GIFT City FC factoring retains 2.75% for EU terms.
Trad can route eligible invoices via an IFSCA-regulated IBU or Finance Company/Finance Unit undertaking factoring in GIFT City. The 2.75% subvention is identical whether you factor via India (RBI-regulated) or GIFT City (IFSCA-regulated) — the choice is about currency, banking relationship and buyer location, not the benefit rate.
Common financing stack for this HS
Factoring advances 70–90% in 24–48 hours after invoice verification; balance minus discount/fees on buyer payment. Works alongside packing credit — factoring covers the post-shipment open-account gap.
MSME subvention — is HS 030743 eligible for 2.75%?
Yes — HS 030743 is in the positive list (Trade Notice 25/2025-26 Annex V). MSMEs involved in international value chains with a valid active IEC (not in DEL) and valid Udyam can claim 2.75% per annum on the factoring interest cost element when factoring via an RBI/IFSCA-regulated entity.
| Check | For HS 030743 |
|---|---|
| In positive list (HS-6) | Yes — 030743 listed in Annex V |
| Benefit | 2.75% p.a. on interest cost element |
| Annual cap | ₹50 lakh per MSME per FY |
| Valid from | Prospectively from 20 Feb 2026 |
| Need UIN per factor? | Yes — declaration of intent before factoring, valid till FY-end |
| Eligible factors | RBI-regulated (AD bank / factoring NBFC) or IFSCA-regulated (GIFT IBU/FC) |
| Not covered | Deemed exports (FTP Ch.7) & exports to SEZs |
Eight-digit HS? Use first 6 digits
Eligibility is at HS-6. If your 8-digit HS (e.g. 03074310) starts with 030743, it inherits this eligibility. Verify on the HS checker — enter 6 or 8 digits.
Check HS 030743 — free
Verify any 6 or 8-digit HS against the DGFT positive list and see the 2.75% factoring eligibility in seconds.
Open HS checkerFrequently asked questions
What is HS 030743 — Cuttlefish & squid, frozen?
HS 030743 covers frozen cuttlefish and squid — Sepia/Sepiola and Loligo spp., whether in shell or not. Fresh/chilled is 030742, smoked is separate.
Is HS 030743 eligible for the 2.75% interest subvention?
Yes. HS 030743 is in the DGFT positive list (Trade Notice 25/2025-26 Annex V, 4139 HS-6 lines). MSMEs factoring exports under this line via RBI/IFSCA-regulated factors can claim 2.75% per annum on the interest cost element, capped at ₹50 lakh per MSME per year, prospectively from 20 Feb 2026. Requires valid IEC (not in DEL), valid Udyam, and a UIN per factor obtained before factoring.
Who can claim the 2.75% for HS 030743 and how?
MSMEs (as defined by Ministry of MSME) with active IEC and Udyam, factoring eligible exports of HS 030743 via RBI/IFSCA-regulated entities. File a declaration of intent on the DGFT portal to get a UIN per factor (valid till FY-end), factor the invoice, the factor files monthly IEC-wise claims; subvention is credited to your IEC-linked bank account.
Can HS 030743 be factored via GIFT City?
Yes. IBUs and Finance Companies/Finance Units undertaking factoring in GIFT City (IFSCA-regulated) are eligible financial institutions under IFSCA circular 19 Mar 2026 and must extend the 2.75% benefit. Useful for USD/EUR receivables where you want foreign-currency factoring.
What does factoring for HS 030743 cost after subvention?
Indicatively, factoring discount/interest is priced commercially (often 8–12% p.a. depending on buyer, tenor, currency) plus factoring fee ~0.5–3% ⚠️. The 2.75% offsets only the interest element — e.g. a 9% interest cost becomes ~6.25% effective on that element if eligible. Fees/insurance/FX remain. Compare all-in cost.
Related HS codes
Compare HS 030743 with other MSME-export lines in the same chapter or family.
See all codes on the HS code guides hub, or read the 2.75% subvention deep-dive.