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DGFT updates import policy for pharma in sync with Finance Act 2024
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Shardul Nautiyal, Mumbai
November 28 , 2024
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The Union ministry of commerce & industry, through the Directorate General of Foreign Trade (DGFT), has issued a notification announcing amendments to the ITC (HS) 2022, Schedule-I (Import Policy) to align with the provisions of the Finance Act 2024 (No. 2 of 2024). The revised import policy takes effect immediately.
The amendments are enacted under the powers conferred by Section 3 and Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, and in accordance with the Foreign Trade Policy (FTP) 2023.
Modifications include the insertion, deletion, amendment, splitting, and merging of ITC (HS) codes to align with the Finance Act 2024.
Revisions to the section notes, chapter-wise main notes, and supplementary notes were introduced. These updates address specific definitions and standards for items such as natural menthol.
Menthol is used to treat mild to moderate muscle and joint pain. It can also relieve minor pain and irritation. Menthol can help reduce the cough reflex by reducing irritation. It can temporarily relieve inflammation and help the skin absorb acne-treating ingredients. However, it can also increase skin irritation and dryness.
Certain items like cyclanic menthol (synthetic) have been removed from the policy. Cyclanic menthol is a cyclic alcohol with the HSN code 29061100. It is a terpenoid compound that is extracted from the essential oils of mentha plants, such as peppermint and spearmint.
New inclusions - items like silicon carbide epitaxial thin films and gallium nitride epitaxial thin films are now categorized under the “Free” import policy.
The synchronization of the import policy with the Finance Act aims to streamline import regulations and provide clarity to stakeholders regarding updated classifications, compliance standards, and import conditions. This initiative supports India’s trade objectives by ensuring harmonized procedures and fostering ease of doing business in international trade.
“The changes reflect the government’s efforts to promote transparency and efficiency in trade regulations while aligning with evolving industry standards. For further details, stakeholders are advised to review the annexures in the notification. The updated ITC (HS) 2022 Schedule-I (Import Policy) is accessible on the DGFT’s official website (https://dgft.gov.in),” informed Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT) & Ex-Officio Additional Secretary, Government of India.
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