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under GST & FTP   

Customs Notifications effective from 1 Jan 2022    

HS 2022, which is the seventh edition of the Harmonized System (HS) nomenclature, is used worldwide for the uniform classification of goods traded internationally, and has been accepted by all Contracting Parties to the Harmonized System Convention. It has come into effect from 1 January 2022 

 Highlighting the importance and critical aspects of the WCO HS Nomenclature, recognised internationally,   

HSN is the basic tool of international trade and we are legally bound to classify goods correctly. We need to very carefully understand the 7th edition of the HSN, many of them are linked with GST.  

The new HS 2022 edition makes some major changes to the Harmonized System with a total of 351 sets of amendments at 6-digit level covering a wide range of goods moving across borders. 

It is observed that due to lack of knowledge, Importers & exporters indicate HS Code under Generic Heading – others, on the Bill of Entry or Shipping Bill. The Ministry of Commerce & DGFT have taken a very stringent view of this situation and have recently come out with a Trade Notice.  

  The classification of goods under FTP/ GST, is HSN based and has certain patterns and methods for classifying different commodities to be supplied and covered under CGST / IGST / UTGST / SGST Act, 2017. F.T.D. & R. Act,1992.   

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The objective of this webinar is to acquaint the participants with nuances involved in HSN classification of goods and services with a view to avoid legal issues subsequently and seek refunds promptly, in the context of recent DGFT compliance based on recently announce Trade Notice.   

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• Concepts
• Importance of Harmonized System Nomenclature
• Exim Code – Structure of Customs Tariff
• Tools for Classification
• Classification of Services
• Relevance of Correct Classification & Assessee
• Newly aligned HS Code w.e.f. 1st January, 2022
• Compliance under FTP recently introduced by DGFT.
• Fines & Penalties for Non-Compliance under F.T.D & R. Act,1992 & Customs Act,1962
• Miscellaneous

Special Feature
• Highlights on newly announced Customs Notifications on HSN Code effective 1st January, 2022.
• Know your accurate HS code.