CBIC notifies addition of Democratic Republic of Congo to list of Countries in Notification 96/2008 regarding Duty free tariff preference for LDCs (Least Developed Countries) [Read Notification]
CBIC notifies addition of Democratic Republic of Congo to Countries with duty free tariff preference and concessional duty rates as per Customs notification 96/2008
CBIC – Democratic Republic of Congo – Congo – Duty free tariff – tariff – TAXSCAN
CBIC – Democratic Republic of Congo – Congo – Duty free tariff – tariff – TAXSCAN
In a significant development, the Central Board of Indirect Taxes and Customs (CBIC) has issued a notification to amend Customs Notification No. 96/2008 dated 13.8.2008, announcing the inclusion of the Democratic Republic of Congo in the schedule of countries eligible for duty-free tariff preference for Least Developed Countries (LDCs).
This notification, exercising powers conferred by sub-section (1) of section 25 of the Customs Act, 1962, grants exemptions on certain goods imported into India from the Democratic Republic of Congo. The exemption applies to goods falling under the First Schedule to the Customs Tariff Act, 1975, with the exception of those specified in Appendix I and Appendix II.
The key provisions of the notification include:
- Exemption from duty on goods falling under the First Schedule to the Customs Tariff Act, 1975, in excess of 80% of the applied rate of duty.
- Specific tariff concessions ranging from 2% to 20% on goods listed in Appendix I, based on the Harmonized System (HS) Code and description.
- The importer must prove the origin of the goods as being from the Democratic Republic of Congo to avail the exemption.
- The Schedule to the notification outlines the detailed extent of tariff concessions for various goods, ensuring transparency and clarity for businesses engaged in cross-border trade.
The Democratic Republic of Congo joins the list of countries eligible for these duty-free benefits, aligning with the government's commitment to fostering economic ties and supporting LDCs. Importers will need to adhere to the Rules of Origin as specified in the notification to claim these exemptions successfully.
For ease of reference, the notification is applicable to a wide range of goods, including agricultural products, textiles, and various manufactured items. This move is expected to stimulate trade between India and the Democratic Republic of Congo, benefiting businesses and contributing to economic growth.
To Read the full text of the Notification CLICK HERE
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