Understanding Goods Classification for Import/Export: Key to Duty Assessment Under Customs Tariff Act, 1975

The classification of goods for import and export is essential for duty assessment under the Customs Tariff Act, 1975. This involves categorizing goods according to the Schedules in the Act. The First Schedule is based on the Harmonized System developed by the World Customs Organization, used by over 137 countries, and specifies customs duty rates, known as the Indian Customs Tariff. The Second Schedule lists goods subject to export duty. This classification ensures uniform application of customs duties and facilitates international trade compliance.