India strengthens Regulations on the Inspection and Verification of Origin

23/11/2020

The Ministry of Finance of India promulgates regulations on controlling the origin of goods entitled to preferential export tax under […]

The Ministry of Finance of India promulgates regulations on controlling the origin of goods entitled to preferential export tax under trade agreements signed by India, effective from September 21, 2020. The Vietnam Trade Office in India said that the purpose of the new regulation is to limit the growing trade deficit with the countries that have signed a free trade agreement or preferential tariff: https: // taxguru. print / custom-duty / customs-administration-rules-origin-trade-agreements.rules-2020.html

The new regulation stipulates the responsibility of the importer to collect information and documents proving that the goods comply with the rules of origin, including the method of calculating the regional value of the authority issuing the certificate of origin ( C / O), deadline by which the importer must provide information, the time limit for the reply of the customs authority.

Set a time limit for the C / O issuer to respond to Indian customs upon request, otherwise, imported goods will not enjoy preferential tariffs under the respective trade agreement. During the verification period, the goods can still be cleared, but the importer must deposit an amount corresponding to the tariff difference between the normal export tax and the preferential export tax.

Best Wordpress Popup Plugin