HS Code Guide · EPM Subvention
HS Code 701342 Meaning — Glassware of a kind used for table or kitchen purposes (not : Global Trade, India & Factoring Guide
HS 701342 covers glassware of a kind used for table or kitchen purposes (not . 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 701342 sits in 70 — Glass & glassware. Official tariff description: “Glassware of a kind used for table or kitchen purposes (not drinking glasses), of glass having a linear coefficient of expansion not” In plain terms, it covers glassware of a kind used for table or kitchen purposes (not . 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 701342?
HS 701342 covers glassware of a kind used for table or kitchen purposes (not drinking glasses), of glass having a linear coefficient of expansion not. It is classified in 70 — Glass & glassware and the 6-digit line determines the exact customs treatment for this product.
Official description: Glassware of a kind used for table or kitchen purposes (not drinking glasses), of glass having a linear coefficient of expansion not
What HS 701342 does in trade
- Defines the product for customs, GST/RoDTEP and export documents — the 6-digit HS determines duty and incentives for HS 701342.
- Is in the DGFT positive list (4185 lines, Annex V, Trade Notice 25/2025-26) — MSME export factoring for HS 701342 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 701342 moves
Global trade in glass & glassware 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 701342
India is an active trader in 70 — Glass & glassware — both as exporter and importer. For HS 701342, 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 701342 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 701342 in foreign currency
Receivables for HS 701342 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 701342 eligible for 2.75%?
Yes — HS 701342 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 701342 |
|---|---|
| In positive list (HS-6) | Yes — 701342 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. 70134210) starts with 701342, it inherits this eligibility. Verify on the HS checker — enter 6 or 8 digits.
Check HS 701342 — 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 701342 — Glassware of a kind used for table or kitchen purposes (not ?
HS 701342 covers glassware of a kind used for table or kitchen purposes (not drinking glasses), of glass having a linear coefficient of expansion not. It is classified in 70 — Glass & glassware and the 6-digit line determines the exact customs treatment for this product.
Is HS 701342 eligible for the 2.75% interest subvention?
Yes. HS 701342 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 701342 and how?
MSMEs (as defined by Ministry of MSME) with active IEC and Udyam, factoring eligible exports of HS 701342 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 701342 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 701342 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 701342 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.