HS Code Guide · EPM Subvention
HS Code 300431 Meaning — Medicaments, containing insulin, retail packs: Global Trade, India & Factoring Guide
HS 300431 covers medicaments, containing insulin, retail packs. 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 300431 sits in 30 — Pharmaceutical products. Official tariff description: “Medicaments; containing insulin (but not containing antibiotics), for therapeutic or prophylactic uses, packaged for retail sale” In plain terms, it covers medicaments, containing insulin, retail packs. 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 300431?
HS 300431 covers insulin-containing medicaments — for therapeutic/prophylactic use, packaged for retail, but not containing antibiotics. Distinct from other hormones (300439) and bulk (300490).
Official description: Medicaments; containing insulin (but not containing antibiotics), for therapeutic or prophylactic uses, packaged for retail sale
What HS 300431 does in trade
- Classifies finished insulin medicines separately from generics (300490) — regulatory and cold-chain requirements differ.
- Is eligible — insulin medicaments are in the positive list, so MSME factoring qualifies for 2.75%.
- Enables factoring for a regulated, cold-chain pharma line with 60–120 day distributor terms.
Global perspective — where HS 300431 moves
Global insulin trade is consolidated around few manufacturers and is cold-chain regulated. US, EU and Japan are major markets; access depends on drug registration.
| Top global exporters | Top global importers |
|---|---|
| Germany | United States |
| United States | Germany |
| Denmark | United Kingdom |
| France | Japan |
| India | China |
India's stance on HS 300431
India is a growing insulin exporter — Hyderabad and Ahmedabad biopharma hubs. CDSCO/Pharmexcil regulate exports; US/EU/MENA are target markets.
Export docs to watch
Insulin needs CDSCO export NOC, cold-chain validation, batch/expiry and CoPP. Temperature excursion blocks collection.
GIFT City — factoring HS 300431 in foreign currency
Insulin is EUR/USD cold-chain — GIFT City FC factoring with 2.75% plus credit insurance suits regulated market 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 300431 eligible for 2.75%?
Yes — HS 300431 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 300431 |
|---|---|
| In positive list (HS-6) | Yes — 300431 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. 30043110) starts with 300431, it inherits this eligibility. Verify on the HS checker — enter 6 or 8 digits.
Check HS 300431 — 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 300431 — Medicaments, containing insulin, retail packs?
HS 300431 covers insulin-containing medicaments — for therapeutic/prophylactic use, packaged for retail, but not containing antibiotics. Distinct from other hormones (300439) and bulk (300490).
Is HS 300431 eligible for the 2.75% interest subvention?
Yes. HS 300431 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 300431 and how?
MSMEs (as defined by Ministry of MSME) with active IEC and Udyam, factoring eligible exports of HS 300431 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 300431 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 300431 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 300431 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.