GSTnews item25 December 2022

Customs notifies Rules of Origin for India-Australia trade pact

News Update

Customs notifies Rules of Origin for India-Australia trade pact

Published Date: Dec 26, 2022
Source: ICAI PD Committee
With the India-Australia interim trade deal set to kick off later this month, the Central Board of Indirect Taxes and Customs has notified the Rules of Origin. The notification, which relates to the eligibility requirement to claim the preferential customs duty on trade in goods, under the economic cooperation and trade agreement (ECTA), will come into effect from December 29. This is when the ECTA will also come into effect. RoAs specify the threshold for value addition in the country concerned to qualify for the tax concessions under the FTA, so that the benefits are not misused by firms based in other countries.
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