By: ICN Bureau
Last updated : July 05, 2023 1:55 pm
ITC (HS) 2022, (Schedule-I) Import Policy is amended in sync with the Finance Act, 2023 and Foreign Trade Policy, 2023
The Directorate General Foreign Trade (DGFT) has on May 29, 2203 issued Import Policy notification for newly created HS Codes of 14 pesticides which are majorly being imported into the Country.
ITC (HS) 2022, (Schedule-I) Import Policy is amended in sync with the Finance Act, 2023 and Foreign Trade Policy, 2023 and this shall come into force with immediate effect i.e., from 29th May, 2023.
The Union Budget 2022-23 approved the proposal of Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers, Government of India regarding recommendations for separate HS Codes Classification for Technical Grade and Formulation Grade Pesticides Chapter 38.
This was a long pending demand from industry and industry associations and both the Ministry of Finance and Department of Chemicals, Ministry of Chemicals and Fertilizers has taken a proactive step which will benefit domestic pesticide manufacturers in a big way as majority of pesticides are coming under ‘OTHERS’ category in Chapter-38 which makes it very difficult to have accurate database for import of pesticides.