CBIC issues customs rules for duty benefits under India-UK FTA
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The Central Board of Indirect Taxes and Customs (CBIC) has issued the customs procedures for claiming concessional tariff benefits under the India-UK Free Trade Agreement (FTA), which comes into effect on July 15.
Under the notified framework, importers seeking reduced customs duties under the FTA must submit an authenticated Origin Declaration issued in accordance with the agreement. The declaration will serve as proof that the imported goods meet the prescribed rules of origin and are eligible for preferential tariff treatment.
The CBIC has also provided transitional relief for eligible consignments that are already in transit or remain under customs control on the date the agreement comes into force. Such shipments can claim concessional customs duties if they meet the conditions specified under the trade pact.
The board further clarified that goods lying in bonded warehouses before July 15 will also be eligible for preferential tariff treatment. However, the benefit will be available only if all FTA requirements, including compliance with the rules of origin and submission of the required documentation, are fulfilled before the goods are cleared for home consumption.
The notification aims to ensure the smooth implementation of the India-UK FTA by providing clarity on customs procedures and documentation requirements for importers.
The CBIC said a detailed trade advisory will be issued on the ICEGATE portal outlining the operational process for claiming benefits, documentation requirements and system-related procedures.
The India-UK FTA is expected to boost bilateral trade by reducing tariff barriers and improving market access for businesses in both countries.
