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HARMONISED SYSTEM OF NOMENCLATURE
HSN classification muddle raises costs for battery storage sectorThe industry has sought separate HSN codes, an approved manufacturer list and tighter local content norms, along with clarity on customs du...- India's Apple component exports to China surge to record $2.5 billion under ECMS schemeIndia's electronics exports to China are experiencing a significant surge. Apple's component manufacturing scheme is driving this growth. I...
- GST reset: FMCG firms want more time to clear old stockConsumer goods companies are requesting an extension to the September 22 GST revamp deadline, citing logistical challenges with existing st...
- ShiprocketX launches DDP shipping, AI-Powered HSN vision tool amid rising US tariffsShiprocketX launched Delivered Duty Paid (DDP) enablement for the USA and Canada, allowing sellers to view upfront duties and tariff rates....
- No import restrictions on certain IT products like desktop computers: DGFTIn August 2023, the government imposed restrictions on certain IT hardware goods and later after domestic and foreign firms flagged their c...
- Government cracks the code to track recycled textiles tradeThe textiles ministry has kick-started the process to create separate tariff codes - called HSN (harmonised system of nomenclature) codes i...
- No need to distort the GST packageGST allows manufacturers to claim credit for the taxes paid on inputs and creates audit trails in the income and production chain. Exemptio...
- More clarity to ease MSME global tradeThe pandemic has hurt MSMEs that make 95% of companies and account for 60% of employment across the world. Understandably, WTO wants to fos...
- CBIC offers more relaxations to small taxpayers for FY20The requirement to file annual return in GSTR-9 by taxpayers having aggregate turnover upto Rs 2 crore has been made optional for financial...
- Govt will put restrictions on imports of products under 'others' category: Piyush GoyalIn trade parlance, every product is categorised under an HSN code (Harmonised System of Nomenclature).It helps in systematic classification...
- GSTN to create messaging platform for buyers, sellersAbout 22.73% of GST assessees with nil turnover will only need to send an SMS to GSTN to complete their compliance and then confirm it with...
- Govt mulls new category to impose import duties on hi-tech productsOfficials say some countries have already used the flexibility available in the Harmonised System of Nomenclature of goods to raise duties ...
- Trademarks, goodwill will face GST of 18%Since intangibles such as trademarks and goodwill do not find a mention in the schedule they would fall in the category of residual entry, ...
- GST: Scanning the new rates for printersIt has said that IT products such as multifunction printers are the core element of Digital India initiative and the price hike due to high...
- Government using scientific method in GST to remove ambiguities: Hasmukh AdhiaAdhia was responding to a query mailed by ET last week. Following which ET had on March 25 written a story on GST debate on categorisation ...
- India adheres to harmonised system of nomenclatureIndia, being a WTO member, now adheres to the world body’s harmonised system of nomenclature (HSN) for classification of goods for purposes...
- States fall in line on common VATThe Centre is working on e-governance for VAT administration which will facilitate e-filing.
- Govt to adopt common 8-digit code for simplifying importsIn a bid to simplify import procedures and documentation, Union Cabinet on Thursday decided to bring an Ordinance for introduction of a com...
- Revamped HSN comes into forceTHE Updated 2002 version of the Harmonised System of Nomenclature for Customs Tariff has come into force with effect from January 1, 2002, ...
- Govt updates commodity nomenclatureTHE GOVERNMENT on Tuesday updated commodity classifications under the internationally accepted 'Harmonised System Nomenclature' while ensur...
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