Revamped HSN comes into force

the updated 2002 version of the harmonised system of nomenclature for customs tariff has come into force with effect from january 1, 2002, following issue of a notification for this purpose on december 31, 2001. this essentially means a change in description and classification of some items in the customs tariff. another notification has been issued to ensure that the effective rates of customs duties on the goods are maintained at the same level as they were prior to the changes, says a press release issued here today. the updated version of the customs tariff is available in the third schedule of the finance act, 2001. this is available on the finance ministry website: www.finmin.nic.in/fub.htm. the first schedule to the customs tariff act, 1975 is aligned with the internationally accepted system of nomenclature for commodity classification known as the harmonised system of nomenclature (hsn). this nomenclature is periodically updated keeping in view the trade flows, change in technology etc. since india is committed to the world customs organisation to keep it's nomenclature in tune with that laid down by the organisation, it was necessary to update india's custom tariff along with updating of the hsn by the world customs organisation. consequently, the updated 2002 version of hsn was incorporated in the third schedule of the finance act, 2001, and it was provided therein that the amendments would come into force with effect from a date to be notified by the government. this has now been done. in all, there are 373 sets of amendments to the tariff, encompassing agricultural, chemical, paper, textile, base metal, machinery and other sectors. an important feature of the changes this time is that the amendments have taken into account the environmental and social concerns besides other factors, such as technological advancement, changes in the pattern of international trade and the needs of the various users, etc. about 8 per cent of the hsn six digit sub-headings have been affected by these amendments and their scope altered. sixty five sub-headings have been deleted due to low volume of trade. also, as many as 91 new sub-headings have been created for identification of certain specific categories of wastes, monitoring and control of certain live animals under cites and narcotics drugs and psychotropic substances, says the release.

Revamped HSN comes into force

THE Updated 2002 version of the Harmonised System of Nomenclature for Customs Tariff has come into force with effect from January 1, 2002, following issue of a notification for this purpose on December 31, 2001.

More from our Partners

Popular Categories

Hot on Web

In Case you missed it

Top Searched Companies

Latest News

Download ET APP

Follow us on

become a member