In trade parlance, every product is categorised under an HSN code (Harmonised System of Nomenclature). It helps in systematic classification of goods across the globe.
Goyal said India is facing "big" problem in the country's imports of a category called "others" and in that category, all sorts of stuff is being imported into the country .
Citing an analysis, he said one out of the four products being imported in India is under this category.
Out of over USD 500 billion worth of imports in 2018-19, the 'others' category accounted for over USD 100 billion.
"I will follow the German model," he said adding he would wait for response from importers for next 30 days and thereafter, "I will restrict the import of any product which goes in the others category".
He said that importers will have to approach the ministry to take a special licence for that import without which "you cannot import any product in the others category".
He said this at the CII's National Standards Conclave.
"Today, I would like to give a final announcement that I appeal to everybody who is importing any product or services into the country, please categorise your product into a respective HSN code under which it falls," he said.
Goyal asked the importers to approach their nearest DGFT (Directorate General of Foreign Trade) immediately.
"We will start the process to create a separate HSN code if it is not fitting into any existing code or amend the existing code... Very soon, I shall be coming out with serious consequences. The consequences could be a higher duty on products which come under others category," he added.
The minister urged the industry to convey this message to other stakeholders.
He also asked the DGFT to bring a trade notice immediately and "make it an absolute ultimatum either the import duty will be increased exorbitantly or a special duty imposed".
This measure, he said, will help the government assess what is being imported into the country. RR CS HRS