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DGFT overhauls export policy through harmonisation with ITC (HS) 2022 to streamline pharma export process
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Shardul Nautiyal, Mumbai
November 19 , 2024
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With the objective to streamline the pharma export control and facilitation process, the Directorate General of Foreign Trade (DGFT) has issued a Trade Notice No. 22/2024-25, addressing the harmonisation of Schedule-II (Export Policy) in line with the latest tariff codes under the Finance Act, 2024.
ITC-HS codes are divided into two schedules: Schedule I for import policies and Schedule II for export policies. The DGFT is responsible for formulating, adding, and changing ITC-HS codes.
“The DGFT has proposed to replace the description-based Export Policy with a harmonised Schedule-II based on the 8-digit ITC (HS) codes, aligning with the latest tariff codes announced under the Finance Act, 2024. This change is designed to provide a more structured and systematic approach to export regulation,” stated Md. Moin Afaque, joint director general of Foreign Trade.
Earlier, a draft Schedule-II (Export Policy) for Chapters 40-98 was shared under Trade Notice No. 11/2024-25 dated 02.08.2024. Following consultations, the draft has been revised and now covers Chapters 01-98 of the ITC (HS) codes. Stakeholders are invited to submit their comments or feedback on the updated draft, which is enclosed with this notice (Annexure).
As per the trade notice, the consultation period will remain open until November 27, 2024. Comments should be submitted via email to: export-dgft@nic.in. After the consultation period, the draft will be reviewed and finalized for official notification.
“This notice highlights the ongoing efforts to simplify and improve India's pharma export policy framework, enhancing transparency and efficiency in global trade. Stakeholders are urged to participate in the consultation process to ensure that the final policy reflects the collective inputs of the trade and industry sectors,” according to the DGFT.
Indian Trade Classification-Harmonized System codes (ITC-HS codes) are used in India to classify and code products for import and export. ITC-HS codes are eight-digit codes that include the six-digit Harmonized System (HS) code plus two additional digits. The HS code is a globally agreed system for categorizing products. These codes are used to identify the type of product and what it's made from. This information helps governments levy the correct import taxes.
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