HS Code Guide · EPM Subvention
HS Code 071029 Meaning — Vegetables, leguminous — (other than peas or beans): Global Trade, India & Factoring Guide
HS 071029 covers vegetables, leguminous — (other than peas or beans). 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 071029 sits in 07 — Vegetables. Official tariff description: “Vegetables, leguminous; (other than peas or beans), shelled or unshelled, uncooked or cooked by steaming or boiling in water, frozen” In plain terms, it covers vegetables, leguminous — (other than peas or beans). 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 071029?
HS 071029 covers vegetables, leguminous; (other than peas or beans), shelled or unshelled, uncooked or cooked by steaming or boiling in water, frozen. It is classified in 07 — Vegetables and the 6-digit line determines the exact customs treatment for this product.
Official description: Vegetables, leguminous; (other than peas or beans), shelled or unshelled, uncooked or cooked by steaming or boiling in water, frozen
What HS 071029 does in trade
- Defines the product for customs, GST/RoDTEP and export documents — the 6-digit HS determines duty and incentives for HS 071029.
- Is in the DGFT positive list (4185 lines, Annex V, Trade Notice 25/2025-26) — MSME export factoring for HS 071029 qualifies for 2.75% interest subvention when routed via RBI/IFSCA-regulated factors.
- Helps factors price the receivable — tenor, buyer and product risk differ by HS, even though the HS itself is the eligibility trigger.
Global perspective — where HS 071029 moves
Global trade in vegetables is driven by manufacturing and commodity cycles. Demand is typically spread across the US, EU and Asia, with supply concentrated among a few large exporting economies for each HS.
| Top global exporters | Top global importers |
|---|---|
| China | United States |
| United States | Germany |
| Germany | China |
| India | United Kingdom |
| Vietnam | Japan |
India's stance on HS 071029
India is an active trader in 07 — Vegetables — both as exporter and importer. For HS 071029, MSMEs can export where India has a production or processing edge; the DGFT positive list makes this line eligible for 2.75% factoring subvention, subject to IEC/Udyam and UIN rules.
Export docs to watch
Exports under HS 071029 need the standard set — GST invoice, shipping bill with 6-digit HS, e-way/B/L and for some HS, product-specific certificates (phytosanitary, BIS, CDSCO etc.). HS on the invoice must match the shipping bill.
GIFT City — factoring HS 071029 in foreign currency
Receivables for HS 071029 can be factored via India (RBI-regulated) or GIFT City (IFSCA-regulated IBU/Finance Company) — both offer the same 2.75% subvention under Trade Notice 25/2025-26 and IFSCA circular 19 Mar 2026. Pick by currency and buyer location.
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 071029 eligible for 2.75%?
Yes — HS 071029 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 071029 |
|---|---|
| In positive list (HS-6) | Yes — 071029 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. 07102910) starts with 071029, it inherits this eligibility. Verify on the HS checker — enter 6 or 8 digits.
Check HS 071029 — 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 071029 — Vegetables, leguminous — (other than peas or beans)?
HS 071029 covers vegetables, leguminous; (other than peas or beans), shelled or unshelled, uncooked or cooked by steaming or boiling in water, frozen. It is classified in 07 — Vegetables and the 6-digit line determines the exact customs treatment for this product.
Is HS 071029 eligible for the 2.75% interest subvention?
Yes. HS 071029 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 071029 and how?
MSMEs (as defined by Ministry of MSME) with active IEC and Udyam, factoring eligible exports of HS 071029 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 071029 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 071029 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 071029 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.