NEW DELHI/MELBOURNE : India’s Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finances’, Department of Revenue has issued a Notification (No. 112/2022-Customs (N.T.) on 22 December 2022. The Notification says, ” These rules may be called the Customs Tariff (Determination of Origin of Goods under the India-Australia Economic Cooperation and Trade Agreement) Rules, 2022. (2). They shall come into force on the 29th day of December, 2022. ”
The Notification will be a guide of rules for those trading under the ECTA from 29 December 2022 onwards.
The Notification details Definitions, Originating Goods, Goods not Wholly Produced or Obtained, Wholly Obtained or Produced Goods, Accumulation, Calculation of Qualifying Value Content, Minimal Operations, De Minimis, Treatment of Packaging Materials and Containers for Retail Sale, Treatment of Packing Materials and Containers for Transportation and Shipment, Accessories, Spare Parts and Tools, Indirect Materials, Fungible Goods, Consignment, Certificate of Origin, Certification Procedures, Application for Certificate of Origin. Non-Party Invoicing, et. etc. (Full details access from link below)
From December 29, tariffs on 85 per cent of Australia’s exports to India will be eliminated and high tariffs on a further 5 per cent of goods will be phased down.
The 168 pages Notification also consists of Annexure A (Minimum Required Information) and Annexure B (Product Specific Rules of Origin).
LINK OF FULL NOTIFICATION.
