Transposition Of Hs 2012 To Hs 2017; Clearance Of In-Bonded Consignments

Last Updated: May 31, 2017
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Keeping in view the hs 2012 to hs 2017 transposition of the first schedule to the customs act,1969 whereby around 1200 hs codes are going to be changed in tariff in the upcoming budget 2017-18, all the importers/clearing agents are advised to examine the transposition list and check their relevant pct heading as to whether the same are going to be changed or not.  After identification of the pcts expected to be changed, the importers/clearing agents are advised to get their in-bonded consignments cleared before 30th June 2017. As the value, classification code and other details are locked at the time of completion of in bonding of the goods declarations, it may create hardships for the ex-bonding of those consignments whose classification is expected to be changed in the upcoming budget.the importers/clearing agents may approach their representative bodies for obtaining a copy of transposition list and examine the same to avoid any hardship after implementation of the same.