Updated ITC (HS) 2022 Import Policy to Align with Finance Act
DGFT Updates ITC (HS) 2022 Import Policy to Align with Finance Act, 2026- Notification No. 24 /2026-27
The Directorate General of Foreign Trade (DGFT) has issued a notification updating the ITC (HS) 2022 Schedule-I (Import Policy) to align it with the changes introduced through the Finance Act, 2026. The revised import classification will take effect immediately.
Key Highlights
To maintain consistency with the Finance Act, 2026, the Government has revised the ITC (HS) 2022 Schedule-I (Import Policy). The amendments have been made under the powers granted by the Foreign Trade (Development and Regulation) Act, 1992 and the provisions of the Foreign Trade Policy (FTP) 2023.
What Has Changed?
The notification introduces several updates to the import policy schedule, including:
- Addition of new ITC (HS) codes.
- Deletion of certain existing codes.
- Amendments to policy conditions applicable to specific import items.
- Splitting and merging of ITC (HS) codes wherever required.
- Revision of product descriptions to match the changes made under the Finance Act, 2026.
The detailed list of code-wise amendments and revised policy conditions has been provided in Annexure I, while the updated descriptions of the affected ITC (HS) codes are contained in Annexure II of the notification.
Updated Import Schedule
The revised ITC (HS) 2022 Schedule-I (Import Policy) has been made available on the official DGFT website for reference by importers, customs professionals, and other stakeholders.
Effective Date
The amendments have come into force with immediate effect from the date of issuance of the notification.
Why This Matters
The synchronization of the ITC (HS) Import Policy with the Finance Act, 2026 ensures that India’s import classification system remains up to date with the latest legislative changes. Importers should review the revised tariff codes, policy conditions, and product descriptions to ensure accurate classification and compliance while importing goods into India.
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