The World Customs Organization had formulated the Harmonized System for coding of goods in 1988 for easement of global trade and bringing about uniformity in classification of goods. While this objective has been substantially met and what has been achieved so far in harmonizing the tariff codes has been nothing short of a phenomenon, there is a long way to go in achieving complete harmonization!
To ensure the harmony in classification, the DGFT had issued notices urging the importers/exporters to use specific classification and avoid residual categories. The DGFT had also proposed to bring about a licensing regime for classifying the goods under such residual category. However, an immediate switch from classifying goods under residual category to specific tariff headings may not be as simple as it seems as there are various hurdles in doing so. Delving into the intricacies of tariff classification and the consequences of changes, the authors have penned down an article titled ‘Classification of Goods Under ‘Others’ Category - A Catch – 22 Situation!!’
The article as published on the Taxsutra portal has been attached herewith. We hope that reading of the Article would bring an enriching experience to you!!
Disclaimer:
The information provided in this update is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This update is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/ quasi judicial authorities may not take a position contrary to the views mentioned hereinrra quis.
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