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TMI BlogDispute between import classification and Domestic supply classificationX X X X Extracts X X X X X X X X Extracts X X X X ..... Can the import classification and domestic classification for the same product differ. Is it correct proposition of law, to state classification for the purposes of import can be depended on classification adopted domestically? - Reply By Aman Ved - The Reply = The dispute between import classification and domestic supply classification is indeed a nuanced topic. Import and domestic classification ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s for the same product can differ significantly due to the distinct regulatory frameworks governing each. Import classification typically adheres to customs regulations and tariff codes, while domestic classification often falls under GST provisions or other local laws. It s crucial to note that while domestic classification may inform import classification, it should not be viewed as a definitive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... guide. Legal precedents suggest that import classification should be determined based on specific import regulations and product characteristics, rather than solely relying on domestic classifications. For investors in the Bandhan Small Cap Fund , understanding these classifications is vital, especially for companies involved in both importing and domestic supply. Discrepancies between classifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions can affect tax liabilities and ultimately impact profitability, influencing our investment decisions. I d love to hear more opinions or experiences related to this issue! - Reply By Shilpi Jain - The Reply = Generally HS classification should not differ with the international one. All efforts are being made to harmonise. Recently also there have been amendments made to HS classification in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hese lines. Though specific classification that you are looking at may need examination to analyse - Reply By Narayana Chambers - The Reply = The HSN Codes are determined in accordance with the Guidance issued by World Customs Organisation. Currently, the HSN Codes are determined as per 2022 series. In order to provide a global standard, the HS Convention, 1988 was signed. According to this Conven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion, the HS Codes upto the 6-digit level are same across the world. However, some countries follow 8-digit system; while others follow 10-digit system. Thus, the final HSN may vary from country-country. But HSN upto 6 digit level would be similar in both countries. There are instances where new HS Codes are provided in newer series vis-a-vis old series. In such cases mismatch can occur, as export ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er may be using the HSN based on old series, while importer is using HSN, based on newer series. Or in some cases, some old tariff lines are merged, in the newer series. The exporter might be unaware of these changes to HS Codes, and may continue using the old HS Code, which are no longer relevant, in the country of import. Thus, importer has to evaluate the HS Code, basis the Classification adopt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the Country of Import. Further, the importer should be mindful that exporter may not update his HS Code, based on newer series. - Dispute between import classification and Domestic supply classification - Query Started By: - V Lakshmikumaran Dated:- 25-10-2024 Last Replied Date:- 28-10-2024 Customs - Exim - SEZ - Got 3 Replies - Customs - Discussion Forum - Knowledge Sharing, reply post b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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