The Central Board of Indirect Taxes and Customs (CBIC) has issued various customs notifications have been issued to align the various notifications in line with new HSN codes from 1.5.22 and also to give effect to the CEPA agreement with UAE.
As developing country World Trade Organization (WTO) Members, India and the United Arab Emirates (UAE) has entered into a Comprehensive Economic Partnership Agreement (CEPA) to establish a free trade area, in conformity with the Decision of 28 November 1979 on Differential and More Favourable Treatment, Reciprocity and Fuller Participation of Developing Countries (Enabling Clause) and Article V of the General Agreement on Trade in Services (GATS).
As per the notification issued on Saturday, the Customs Administration of the importing Party may deny the claim for preferential tariff treatment or recover unpaid duties in accordance with its laws and regulations.
Further, a Certificate of Origin shall be in the format as specified in Annexure-E and shall include the HS Code, description and quantity of the products, name of consignee, name of exporter or producer or manufacturer, country of origin, and origin criteria such as value content or change in tariff classification.
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