The World Customs Organization (WCO) adopted the 7th Edition of Harmonized System (HS 2022) in June 2019 and accepted it in January 2020. The relevance of HS 2022 cannot be emphasized enough as it forms basis for collection of customs tariffs & trade statistics in over 200 jurisdictions worldwide (major / minor included).
The proposed amendments to the current HS edition are driven by numerous factors ranging from introduction of new product lines & technology (these goods currently face difficulties in classification which leads to disputes), statistical causes, facilitation of trade in environmental goods or goods impacting the environment and various issues governing global trade including export controls.
Economic Laws Practice’s Adarsh Somani, Partner and Sahil Kothari, Principal Associate, in their article with TIOL, discuss the importance of HS 2022 in the Indian context and how the HS2022 will impact not only Indian Customs Tariffs, but also other fiscal and non-fiscal regulations.
Read the detailed article here: https://bit.ly/3bUhPMy