Indirect Tax
Customs
CBIC notifies customs duty exemption on import of certain food items
Notification No. 10/2024-Customs dated 19 February 2024 r/w Notification No. 50/2017-Customs dated 30 June 2017
The CBIC has notified the exemption from Basic Customs Duty (BCD) for the following food items w.e.f. 20 February 2024.
| HSN Code | Description of Goods | Effective Rate |
|---|---|---|
| 0207 25 00 0207 27 00 |
Meat and edible offal, of turkeys, frozen | 5% |
| 2008 93 00 | Cranberries, otherwise prepared or preserved, whether or not containing added sugar or other sweetening matter or spirit, not elsewhere specified or included | 5% |
| 0810 40 00/0811 90/0813 40 90 |
Cranberries: fresh/frozen/dried Blueberries: fresh/frozen/dried |
10% |
| 2008 99 | Blueberries, otherwise prepared or preserved, whether or not containing added sugar or other sweetening matter or spirit, not elsewhere specified or included | 10% |
| 5201 00 25 | (Cotton) Other: of staple length exceeding 32.0 mm | Nil |
Foreign Trade Policy
DGFT eases clubbing provisions under Advance Authorization Scheme
Public Notice No. 40/2023 dated 12 February 2024
The Director General of Foreign Trade (DGFT) has amended the clubbing provision under the Advance Authorization Scheme for ease of doing business. The amended provision now allows for clubbing of advance authorizations issued within 24 months (in lieu of 18 months) from the date of issue of the earliest authorization that is sought to be clubbed, whether such authorizations are valid or not. While the 30-month timeline for imports remains unchanged, a further condition has been incorporated that upon clubbing, only exports made within 48 months from the date of issue of the earliest authorization shall be considered. Any exports made beyond 48 months of earliest authorization shall not be acceptable for clubbing.
Government grants relief in EPCG Average Export Obligation (EO) for specified sectors/product groups
Policy Circular No. 10/2023-2024 dated 22 February 2024
Owing to the dip of more than 5% in exports for around 430 product groups in FY 2022-23 as compared to FY 2021-22, the Ministry of Commerce has requested all Regional Authorities to refix the Annual Average EO for EPCG authorizations for the year 2022-23. Reduction, if any, in the EO should be appropriately endorsed in the license file of the Office of Regional Authority, as well as the amendment sheet to be issued to the authorization holder.