Refresh Your Customs Tariff - Changes from New Year
THE World Customs Organization issues amendments to the Harmonised Tariff System every five years. The latest amendments will come into force from 01.01.2012. The Indian Customs and Excise Tariffs have also been amended in tune with the WCO HSN 2012, in the Finance Act 2011 to be effective from January 1, 2012. There are changes in most of the chapters. New items like high value pens, sanitary napkins and tampons are added.
It is very important for the trade, especially the importers and exporters to understand the changes in the tariff and file documents accordingly to avoid hassles and litigation. Even the Departmental officers should start reading the new tariff changes to be ready by the New Year.
We hope the DG, Systems is ready with the changes in the electronic data interface.
Please see the Fifth Schedule and the Eleventh Schedule to the Finance Act 2011.