New Delhi, Oct 22 (KNN) The Director General of Foreign Trade (DGFT) has asked the trade and industry to be careful while mentioning Harmonised (HS) Codes in the Bill of Entry, in case of imports and Shipping Bills in case of exports.

It has asked them to indicate the specific HS Codes of items at 8 digit where they exist, instead of using the ‘Others’ category in a loose and inaccurate manner.

The DGFT warned that any wilful mis-declaration of HS Codes will be duly dealt with under Foreign Trade (Development & Regulation) Act, 1992.

India maintains 8 digit HS Codes under the Indian Trade Classification (Harmonized System) 2017. 

DGFT said it has observed that many importers while filing Bill of Entry with the Customs Authorities are not doing due diligence in mentioning the correct HS Codes at 8 digit level.

It said that even though specific codes are available for the imported items under ITC (HS), 2017, Schedule – 1 (Import Policy), importers tend to casually adopt the ‘others’ category, which is essentially a residual category of the relevant products.

This creates avoidable errors in India’s import data. 

Published On : 22-10-2019

Source : KNN India