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Tariff item · Chapter 35 · Section VI, Products of the chemical or allied industries

HS 3504 00 91Isolated soya protein

Albuminoidal substances; modified starches; glues; enzymes › Peptones and their derivatives; other protein substances and their derivatives, not elsewhere specified or included; hide powder, whether or not chromed › Peptones and their derivatives, other protein substances and their derivatives, not elsewhere specified or included, hide powder, whether or not chromed

Customs duty
20%
Tariff rate
GST now
18%
Import policy
Free
Export policy
Free
Unit
kg
Duty in China
3% to 8%
On Indian goods
Landed costSearch codesDuty abroadRates as on 19 Oct 2026

Importing into India

What customs charges, what trade agreements take off, and the rules the goods must meet.

Customs duty

Customs duty on imports into India
DutyRateCharged on
Basic customs duty (BCD), MFN rate20%Assessable value
Agriculture Infrastructure and Development Cess (AIDC)NilAssessable value11/2021-Customs, S.No. 17
Social Welfare Surcharge (SWS)10% of BCD, AIDC and Health CessBCD + AIDC
Integrated GST (IGST)18%Assessable value + BCD + AIDC + SWS

Lower duty under trade agreements

Lower customs duty under India's trade agreements
AgreementCustoms dutyGoods from
Duty-free tariff preference for LDCs0%Afghanistan, Bangladesh, Central African Republic, Eritrea, Ethiopia, Cambodia, Comoros, Laos, Lesotho, Madagascar, Myanmar, Malawi, Mozambique, Sudan, Somalia, Chad, Timor-Leste, Yemen, Zambia
India–Sri Lanka FTA0%Sri Lanka
SAFTA0%Afghanistan, Bangladesh, Bhutan, Maldives, Nepal
ASEAN–India FTA5%Brunei, Indonesia, Cambodia, Laos, Myanmar, Malaysia, Philippines, Singapore, Thailand, Vietnam
India–Korea CEPA5%South Korea
India–Malaysia CECA5%Malaysia
SAFTA5%Sri Lanka
SAPTA10%Bangladesh, Bhutan, Maldives, Nepal
APTA14%Bangladesh, China, South Korea, Sri Lanka
India–EFTA TEPA51/2025-Customs14.29%Switzerland, Iceland, Liechtenstein, Norway
India–UAE CEPA16%United Arab Emirates
India–Oman CEPA20/2026-Customs18%Oman
India–UK CETA29/2026-Customs18%United Kingdom

Goods from Pakistan pay 200%.

Anti-dumping, countervailing and safeguard duty in force

  • Anti-dumping duty on goods from China: USD 396.99–738.73 per tonne, by origin and producer (until 20 Dec 2026). Silicone Sealants excluding silicon sealants used in manufacturing of solar photovoltaic modules, and thermal power applications. 74/2021-ADD

Charged on top of the duty above, only on goods from the countries named.

Clearance by other agencies

  • Food Safety And Standards Authority Of India (FSSAI): a clearance or certificate before the goods arrive, under 1. Food safety and Standards Act,2006 read with Licensing & Registration Regulation,2011,Food safety & Standards (Licensing and Registration of Food Business) Amendment Regulations,2011,Food safety and Standards Rule, 2011, Food Safety and Standards(Licensing and registration of Food Business) regulation, 2011, Food Safety and Standards(Food product standard and food additive)) regulation, 2011, Food Safety and Standards( Packaging and labelling) regulation, 2011, Food Safety and Standards(Laboratory and Sampling Analysis) regulation, 2011,Notification No-4/15015/30/2011 dated-24.06.2014.
  • Food Safety And Standards Authority Of India (FSSAI): a no-objection at customs clearance, under 1. Food safety and Standards Act,2006 read with Licensing & Registration Regulation,2011,Food safety & Standards (Licensing and Registration of Food Business) Amendment Regulations,2011,Food safety and Standards Rule, 2011, Food Safety and Standards(Licensing and registration of Food Business) regulation, 2011, Food Safety and Standards(Food product standard and food additive)) regulation, 2011, Food Safety and Standards( Packaging and labelling) regulation, 2011, Food Safety and Standards(Laboratory and Sampling Analysis) regulation, 2011,Notification No-4/15015/30/2011 dated-24.06.2014.

Documents: FSSAI Import License (FSSAI).

"*As enclosed in CBIC Instruction no 30/2022-CUS dtd 14-11-22,FSSAI vide their Order dtd 10-10-22 decided mandatory registration of foreign manufacturing facilities for foods categories (milk and milk products, meat and meat products including poultry, fish and their product,egg powder,infant food and nutraceuticals) and requested exporting countries to provide list of existing manufacturers and those intending to export such products to India in the attached format*Further vide FSSAI notice dtd 11-01-23 and CBIC instruction no 05/2023-CUS dtd 08-02-23 and in modification to CBIC instructions no.31/2022-cus dtd 14-01-22 and FSSAI order dtd 17-10-22 it was clarified to permit import of specified high risk products such as (milk and milk products, meat and meat products including poultry, fish and their product,egg powder,food for infant nutrition/infant food and nutraceuticals.health supplements,food for dietary uses. Probiotic and prebiotic foods.Foods for special medical purpose) only through designated 79 Ports as per attached Annexure from 01-03-23*In case of PGA facilitated bills I.E. which have not been routed through PGA for NOC,proper officer should verify and ensure that the mandatory documents-Specimen copy of label[0110FS], FSSAI import license[911001]have been uploaded in (E-SANCHIT) before giving out-of-charge(OOC)*Ensure compliance of General Notes 4(d) of Sched-I of ITC(HS) 2022 for Food Import entry points*Refer letter no.1828/Misc matters/FSSAI/Imports-2021 DT 17-06-22 regarding rectifiable labeling information for Imported food consignments and Order no.1828/Misc matters/FSSAI/Imports-2021 DT 17-06-2022 regarding Import of clove stem received from Food Safety and Standards Authority of India and CBIC Instruction no.10/2022-Customs dtd 28-06-22 wrt to para 2 on the rectifiable labeling information for imported food consignments*Ref CBIC Instruction no 09/23-CUS DT 07-03-23 in modification to Instructions no 10/22-CUS DT 28-06-22 alongwith FSSAI order DT 18-11-22 issued under F.no.Import/TFM/Apex/2022-FSSAI and FSSAI clarification Order dtd 18-11-22 on rectifiable labelling for Imported Food Consignment*"

From Central Board of Indirect Taxes and Customs (CBIC), Compliance Information Portal.

Import policy (DGFT ITC(HS))

  • Free.
Notes on these rates
  • BCD is the statutory tariff rate from a one-time snapshot of the Indian Trade Portal. Exemption notifications (such as 45/2025-Customs) and tariff changes made after the snapshot, including the Finance Act 2026 changes from 1 May 2026, are not applied.
  • IGST comes from our archived GST table, which still has the 12% and 28% slabs, so it may pre-date the GST rate changes of 22 September 2025. Check the current rate.
  • AIDC, Health Cess and the SWS exemptions are read from notifications 11/2021-Customs, 08/2020-Customs and 11/2018-Customs as amended (to 16/2026-Customs), and the notifications that lower AIDC for a while. SWS is 10% of BCD, AIDC and Health Cess together (Finance Act 2018, s.110), never of anti-dumping, countervailing or safeguard duty or IGST.
  • AIDC is Nil (S.No. 17 of 11/2021-Customs, which exempts all goods it does not name).
  • Not included: GST compensation cess, anti-dumping, countervailing and safeguard duties, and exemptions or concessions such as end-use, EOU/SEZ or project imports.
  • This does not check whether the import is allowed (DGFT import policy, licences, quality-control orders). The HS code explorer shows the import policy.
  • This is an estimate, not an assessment. Confirm the duty with your customs broker or ICEGATE's duty calculator before you price a deal.

GST

IGST on imports is the GST rate. Rates changed on 22 September 2025.

  • Now 18%.
  • Until 21 September 2025 18%.
  • Change: Unchanged.

The rules that set it now

GST rate rules in force
NotificationGoodsRate
9/2025-Integrated Tax (Rate)Schedule II, S.No. 74Peptones and their derivatives; other protein substances and their derivatives, not elsewhere specified or included; hide powder, whether or not chromed; including Isolated soya protein18%

History

GST rate history
PeriodRateNotification
Until 21 Sep 202518%1/2017-Central Tax (Rate)
From 22 Sep 202518%9/2025-Integrated Tax (Rate)

Exporting from India

Export duty

Nil. The Second Schedule to the Customs Tariff Act does not list these goods, so no export duty is charged.

Duty drawback (All Industry Rates)

All Industry Rates of duty drawback under this heading
Drawback itemGoodsRateCap
3504Peptones and their derivatives; other protein substances and their deri- vatives, not elsewhere speci-fied or included; hide powder, whether or not chromed1.2%—

Drawback items follow the 4-digit heading, not the 8-digit code: claim the one that describes your goods. Rates of notification 77/2023-Customs (N.T.) as amended, in force on 19 Oct 2026.

Export incentives (RoDTEP and RoSCTL)

  • RoDTEP, Appendix 4R (exports from the domestic tariff area): 0.5% of the FOB value, until 31 Dec 2026.
  • RoDTEP, Appendix 4RE (exports under Advance Authorisation, EOU or SEZ): 0.3% of the FOB value, until 31 Dec 2026.

Clearance by other agencies

CBIC's Compliance Information Portal lists no other agency's clearance for exports of this item.

*AS PER CIR NO.47/2017-CUS DTD 27/11/2017 FOR THE PURPOSE OF GRANT OF DRAWBACK WHEREVER EXPORT CONSIGNMENTS ARE SELECTED FOR ASSESSMENT OR EXAMINATION, THE AC/DC SHALL DETERMINE THE NEED TO DRAW SAMPLE ON MERITS OF EACH CASE.IF THE PACKING IS OF WOODEN MATERIAL,ENSURE THE VALID PHYTOSANITARY CERTIFICATE AND ISPM-15 MARKING COMPLIANCE AS PER CBEC INSTR. F.NO.450/19/2005-CUS-IV DTD 16.9.13.*

From Central Board of Indirect Taxes and Customs (CBIC), Compliance Information Portal.

Export policy (DGFT ITC(HS) Schedule 2)

  • Free.

What buyers pay abroad: import duty in the US, UK, EU and Australia for 3504 00, and China's below.

China: the same goods (3504 00)

China shares the first 6 digits with India and splits them into 10-digit codes of its own: 3 in force under 3504 00. Exporters see what China charges Indian goods; importers see the rebate and licences their Chinese supplier deals with.

China's tariff for these goods
China codeGoodsDuty on Indian goodsMFNImport VATExport rebateLicences
3504.00.10.00Peptones蛋白胨3%MFN rate (no APTA concession on this line)3%13%13%AR
3504.00.20.00Vegetable proteins, with a protein content of >= 90% by dry weight植物蛋白,以干基计蛋白质含量≥90%8%MFN rate (no APTA concession on this line)8%13%13%AR
3504.00.90.00Other proteins and their derivatives, n.e.s.其他编号未列名蛋白质及其衍生物8%MFN rate (no APTA concession on this line)8%13%13%AR
  • India is a member of the Asia-Pacific Trade Agreement (APTA). With an APTA certificate of origin, Indian goods pay China's APTA rate where the line has one; China applies the lower of that and its provisional rate.
  • The export VAT rebate is what China refunds its own exporters. When China cuts it, Chinese export prices tend to rise.

Every Chinese code in full

3504.00.10Peptones

3504.00.10.00Peptones蛋白胨
Unit
kg
MFN import duty
3%
Provisional import duty
None
General import duty
11%
Import VAT
13%
Consumption tax
0%
Export duty
0%
Provisional export duty
None
Export VAT rebate
13%
Updated by China
23 Aug 2026
Licences and certificates
  • AInbound goods clearance (inspection and quarantine)入境货物通关单
Inspection and quarantine
  • RImported food hygiene inspection进口食品卫生监督检验
What the customs declaration must state
  • 0.Brand type品牌类型
  • 1.Export preferential status出口享惠情况
  • 2.Use用途
  • 3.Source来源
  • 4.Packing specifications包装规格
  • 5.Protein content蛋白质含量
  • 6.GTIN
  • 7.CAS
  • 8.Other其他
China's agreement rates
ASEAN
0%
Chile
0%
Pakistan
0%
New Zealand
0%
Peru
0%
Costa Rica
0%
Switzerland
0%
Iceland
0%
Australia
0%
South Korea
0%
Georgia
0%
Mauritius
0%
Maldives
0%
Cambodia
0%
Nicaragua
0%
Ecuador
0%
Serbia
2.1%
Hong Kong
0%
Macao
0%
RCEP rates
Australia
0%
Brunei
0%
Cambodia
0%
South Korea
0%
Laos
0%
Malaysia
0%
New Zealand
0%
Singapore
0%
Thailand
0%
Vietnam
0%
Japan
0%
Indonesia
0%
Philippines
0%
Myanmar
0%
CIQ codes
  • 3504001000101Peptones (with health food approval number)蛋白胨(具有保健食品批准文号)
  • 3504001000102Peptones (food additive not subject to quarantine)蛋白胨(无检疫要求食品添加剂)
  • 3504001000103Peptones (animal bone peptones for industrial use)蛋白胨(工业用动物骨蛋白胨)
  • 3504001000301Peptones (for industrial use only, not as food additive, no quarantine required chemical)蛋白胨(需申报仅用于工业用途不用于食品添加剂无检疫要求的化学品)

3504.00.20Vegetable proteins, with a protein content of >= 90% by dry weight

3504.00.20.00Vegetable proteins, with a protein content of >= 90% by dry weight植物蛋白,以干基计蛋白质含量≥90%
Unit
kg
MFN import duty
8%
Provisional import duty
None
General import duty
35%
Import VAT
13%
Consumption tax
0%
Export duty
0%
Provisional export duty
None
Export VAT rebate
13%
Updated by China
2 Apr 2026
Licences and certificates
  • AInbound goods clearance (inspection and quarantine)入境货物通关单
Inspection and quarantine
  • RImported food hygiene inspection进口食品卫生监督检验
What the customs declaration must state
  • 0.Brand type品牌类型
  • 1.Export preferential status出口享惠情况
  • 2.Use用途
  • 3.Source来源
  • 4.Packing specifications包装规格
  • 5.Protein content蛋白质含量
  • 6.GTIN
  • 7.CAS
  • 8.Other其他
China's agreement rates
ASEAN
0%
Chile
0%
Pakistan
0%
New Zealand
0%
Peru
0%
Costa Rica
0%
Switzerland
0%
Iceland
0%
Australia
0%
South Korea
0%
Georgia
0%
Mauritius
0%
Maldives
0%
Cambodia
0%
Nicaragua
0%
Ecuador
0%
Serbia
0%
Hong Kong
0%
Macao
0%
RCEP rates
Australia
0%
Brunei
0%
Cambodia
0%
South Korea
0%
Laos
0%
Malaysia
0%
New Zealand
0%
Singapore
0%
Thailand
0%
Vietnam
0%
Japan
4.4%
Indonesia
0%
Philippines
0%
Myanmar
0%
CIQ codes
  • 3504002000101Vegetable proteins, with a protein content by dry weight of >=90% (soybean protein)植物蛋白,以干基计蛋白质含量≥90%(大豆蛋白)
  • 3504002000102Vegetable protein, protein content on dry basis >=90% (pea protein)植物蛋白,以干基计蛋白质含量≥90%(豌豆蛋白)
  • 3504002000103Vegetable protein, protein content on dry basis >=90% (broad bean protein)植物蛋白,以干基计蛋白质含量≥90%(蚕豆蛋白)
  • 3504002000104Vegetable protein, protein content on dry basis ≥ 90% (other leguminous protein)植物蛋白,以干基计蛋白质含量≥90%(其他豆类蛋白)
  • 3504002000105Vegetable proteins, with a protein content by dry weight of >=90% (wheat protein)植物蛋白,以干基计蛋白质含量≥90%(小麦蛋白)
  • 3504002000106Vegetable protein, protein content on dry basis >=90% (oat protein)植物蛋白,以干基计蛋白质含量≥90%(燕麦蛋白)
  • 3504002000107Vegetable proteins, with a protein content by dry weight of >=90% (rice protein)植物蛋白,以干基计蛋白质含量≥90%(大米蛋白)
  • 3504002000108Vegetable protein, protein content on dry basis >=90% (corn protein)植物蛋白,以干基计蛋白质含量≥90%(玉米蛋白)
  • 3504002000109Vegetable protein, protein content on dry basis ≥ 90% (other cereal protein)植物蛋白,以干基计蛋白质含量≥90%(其他谷类蛋白)
  • 3504002000110Vegetable protein, protein content on dry basis >=90% (peanut protein)植物蛋白,以干基计蛋白质含量≥90%(花生蛋白)
  • 3504002000111Vegetable protein, protein content on dry basis >= 90% (Other nuts and seeds protein)植物蛋白,以干基计蛋白质含量≥90%(其他坚果及籽类蛋白)
  • 3504002000112Vegetable protein, protein content on dry basis ≥90% (potato protein)植物蛋白,以干基计蛋白质含量≥90%(马铃薯蛋白)
  • 3504002000113Vegetable protein, protein content on dry basis ≥ 90% (other tuber protein)植物蛋白,以干基计蛋白质含量≥90%(其他薯类蛋白)
  • 3504002000114Vegetable protein, protein content on dry basis ≥ 90% (other vegetable protein)植物蛋白,以干基计蛋白质含量≥90%(其他植物蛋白)
  • 3504002000115Vegetable proteins, protein content >=90% on dry basis (health food with approval number)植物蛋白,以干基计蛋白质含量≥90%(具有保健食品批准文号的保健食品)
  • 3504002000116Vegetable protein, protein content on dry basis ≥ 90% (sports nutrition food)植物蛋白,以干基计蛋白质含量≥90%(运动营养食品)

3504.00.90Peptone derivatives; other proteins & derivatives, n.e.s.; hide powder

3504.00.90.00Other proteins and their derivatives, n.e.s.其他编号未列名蛋白质及其衍生物

Derivatives of peptones and hide powder (whether or not with added chromium sulphate)包括蛋白胨的衍生物及皮粉(不论是否加入铬矾)

Unit
kg
MFN import duty
8%
Provisional import duty
None
General import duty
35%
Import VAT
13%
Consumption tax
0%
Export duty
0%
Provisional export duty
None
Export VAT rebate
13%
Updated by China
23 Aug 2026
Licences and certificates
  • AInbound goods clearance (inspection and quarantine)入境货物通关单
Inspection and quarantine
  • RImported food hygiene inspection进口食品卫生监督检验
What the customs declaration must state
  • 0.Brand type品牌类型
  • 1.Export preferential status出口享惠情况
  • 2.Use用途
  • 3.Source来源
  • 4.Packing specifications包装规格
  • 5.Protein content蛋白质含量
  • 6.GTIN
  • 7.CAS
  • 8.Other其他
China's agreement rates
ASEAN
0%
Chile
0%
Pakistan
0%
New Zealand
0%
Peru
0%
Costa Rica
0%
Switzerland
0%
Iceland
0%
Australia
0%
South Korea
0%
Georgia
0%
Mauritius
0%
Maldives
0%
Cambodia
0%
Nicaragua
0%
Ecuador
0%
Serbia
0%
Hong Kong
0%
Macao
0%
RCEP rates
Australia
0%
Brunei
0%
Cambodia
0%
South Korea
0%
Laos
0%
Malaysia
0%
New Zealand
0%
Singapore
0%
Thailand
0%
Vietnam
0%
Japan
4.4%
Indonesia
0%
Philippines
0%
Myanmar
0%
CIQ codes
  • 3504009000101Other proteins and their derivatives (including derivatives of peptones and hide powder, whether or not chromed) (health food with approval number)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(具有保健食品批准文号的保健食品)
  • 3504009000102Other proteins and their derivatives, n.e.s. (including derivatives of peptones and hide powder, whether or not chromed), lactoferrin (food additive without quarantine requirements)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(乳铁蛋白(无检疫要求食品添加剂))
  • 3504009000103Other proteins & their derivatives, n.e.s. (incl. derivatives of peptones & hide powder (whether or not chromed)) (chemicals declared for industrial use only, not for food additives, no quarantine required)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(需申报仅用于工业用途不用于食品添加剂无检疫要求的化学品)
  • 3504009000118Other proteins and their derivatives, n.e.s. (incl. derivatives of peptones and hide powder, whether or not chromed) (other vegetable proteins)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(其他植物蛋白)
  • 3504009000119Other proteins and their derivatives, n.e.s. (incl. derivatives of peptones and hide powder, whether or not chromed) (concentrated milk protein)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(浓缩牛奶蛋白)
  • 3504009000120Other proteins and their derivatives, n.e.s. (incl. derivatives of peptones and hide powder, whether or not chromed) (feather meal for animal feed)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(饲用羽毛粉)
  • 3504009000121Other proteins and their derivatives, n.e.s. (incl. derivatives of peptones and hide powder, whether or not chromed) (other animal proteins)其他编号未列明蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(其他动物蛋白)
  • 3504009000122Other proteins and their derivatives, n.e.s. (incl. derivatives of peptones and hide powder, whether or not chromed) (other milk proteins)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(其他乳蛋白)
  • 3504009000123Other proteins and their derivatives, not elsewhere specified (incl. peptone derivatives and hide powder (whether or not chrometanned)) (whey protein)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(乳清蛋白)
  • 3504009000124Other proteins and their derivatives, n.e.s. (incl. derivatives of peptones and hide powder, whether or not chromed) (sports nutrition food)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(运动营养食品)
  • 3504009000125Other proteins and their derivatives, n.e.s. (incl. derivatives of peptones and hide powder, whether or not chromed) (hydrolyzed egg yolk powder)其他编号未列明蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(水解蛋黄粉)
  • 3504009000126Other proteins and their derivatives (incl. peptone derivatives and hide powder (whether or not with added chrome alum)) (bone meal)其他编号未列明蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(骨粉)
  • 3504009000127Other protein substances and their derivatives, not elsewhere specified or included (including derivatives of peptones and hide powder, whether or not chromed) (effectively inactivated animal-derived samples for scientific research)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(经有效灭活的科研用动物源样品)
  • 3504009000128Other proteins and their derivatives, n.e.s. (incl. peptone derivatives and hide powder, whether or not chromed) (animal protein for research)其他编号未列明蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(科研用动物蛋白)
  • 3504009000401Other proteins and their derivatives, not elsewhere specified or included (incl. derivatives of peptones and hide powder (whether or not chromed)) (for human medical related fields, excluding those managed as medicines, veterinary medicines, or medical devices)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(用于人类医学相关领域,纳入药品、兽药、医疗器械管理的除外)
  • 3504009000990Other proteins and their derivatives, n.e.s. (incl. peptone derivatives and hide powder, whether or not chromed) (for treating human diseases)其他编号未列名蛋白质及其衍生物(包括蛋白胨的衍生物及皮粉(不论是否加入铬矾))(治疗人类疾病用)

China's tariff as compiled by HS编码网 from China Customs, the State Council Tariff Commission and the State Taxation Administration. The Chinese is the original.

Nearby codes

Sources

For information, not a customs ruling. Only notifications published in the Gazette have legal force; confirm the duty with your customs broker or ICEGATE before you price a deal.