https://www.taxtmi.com/article/detailed?id=15316 Wrong classification of goods and services under the HS/HSN and domestic schedules determines duty, tax, exemption and incentive eligibility and constitutes misdeclaration under customs and misclassification under GST. Classification is to be governed by the WCO HS Nomenclature and the six General Rules of Interpretation, with statutory force of section and chapter notes. Misclassification attracts differential duty recovery, confiscation, penalties, prosecution under customs, and tax demand, penalties, and ITC denial under GST; taxpayers should apply GRI, consult notifications, and seek advance rulings where uncertain. en-us Sat, 01 Nov 2025 08:18:32 +0530 Sat, 01 Nov 2025 08:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15316 Wrong classification of goods and services under the HS/HSN and domestic schedules determines duty, tax, exemption and incentive eligibility and constitutes misdeclaration under customs and misclassification under GST. Classification is to be governed by the WCO HS Nomenclature and the six General Rules of Interpretation, with statutory force of section and chapter notes. Misclassification attracts differential duty recovery, confiscation, penalties, prosecution under customs, and tax demand, penalties, and ITC denial under GST; taxpayers should apply GRI, consult notifications, and seek advance rulings where uncertain. Articles Customs - Import - Export - SEZ Sat, 01 Nov 2025 08:18:32 +0530 https://www.taxtmi.com/article/detailed?id=15316