The Ministry of Commerce and Industry allocated a separate Harmonised System HS code for ndash ........

Economic Affairs Industrial sectors

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The Ministry of Commerce and Industry allocated a separate Harmonised System (HS) code for –

Reducing custom duty on imported fertilizers

Simplifying GST rules on agricultural products

Facilitating import of onion by liberalising phytosanitary measures and fumigation norms

Boosting Khadi exports

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Explanation:

The Ministry of Commerce and Industry allocated a separate Harmonised System (HS) code for Khadi.
The move is expected to boost Khadi exports in the coming years. Earlier, Khadi did not have its exclusive HS code.
About Harmonised System Code
• The Harmonised System, or simply ‘HS’, is a six-digit identification code developed by the World Customs Organization (WCO).
• Called the “universal economic language” for goods, it is a multipurpose international product nomenclature.
• Over 200 countries use the system as a basis for their customs tariffs, gathering international trade statistics, making trade policies, and for monitoring goods.
• The system helps in harmonising of customs and trade procedures, thus reducing costs in international trade.
• The absence of a separate HS code hindered Khadi from achieving its full potential, as its exports were difficult to categorise and calculate. The latest move is expected to help resolve this issue.