New codes likely to take 1,200 steel items out of 'others' category

In a bid to arrest the rise in steel imports in the ‘others’ category, the government is in the process of creating 1,200 new HSN (Harmonised System of Nomenclature) codes to be placed under Chapter 72, which lists base metals.

These new codes will accurately define and classify the imported product.

“Currently, around 60 per cent of imported steel products have no HSN code in Chapter 72. Because of this, it falls in other category and there is complete chaos in the industry with regard to the grade coming in the country. We have, therefore, clearly defined these products by