An amendment to the Customs Tariff Act (1975) was introduced to provide an HS (Harmonised System) code for GI-recognised rice varieties.
- The amendment will make it possible for the exports of GI-tagged rice without any problem or special notification from the Ministry of Finance.
About HS
- Definition: HS is a global product classification system developed by the World Customs Organization (WCO).
- Classification Structure:
- HS assigns specific six-digit codes for varying classifications and commodities.
- Countries are allowed to add longer codes to the first six digits for further classification.
- Governance and Updates
- HS is governed by "The International Convention on the Harmonized Commodity Description and Coding System".
- HS Committee, made up of member countries, oversees the HS classification system and also updates HS every 5 – 6 years.
- Widespread adoption
- Classifies approximately 98% of international trade
- Encompasses over 5,000 commodity groups
- Implemented by more than 200 countries
- Benefits of HS
- Common coding method helps countries organize and track products in global trade.
- Extensively used by governments, international organizations and private organisations for internal taxes, trade policies, etc.
- Reduces international trade costs and spports economic research
About World Customs Organization (WCO)Headquarters: Brussels, Belgium
|
