DGFT Amends Import Policy and Policy Condition of Copra [Read Notification]
DGFT – Import Policy and Policy Condition of Copra – Import Policy – Policy Condition of Copra – Copra Import – DGFT Amends Import Policy and Policy Condition of Copra – DGFT Amends Import Policy – taxscan
DGFT – Import Policy and Policy Condition of Copra – Import Policy – Policy Condition of Copra – Copra Import – DGFT Amends Import Policy and Policy Condition of Copra – DGFT Amends Import Policy – taxscan
The Directorate General of Foreign Trade (DGFT) issued the amended the import policy and policy condition of Copra ITC (HS) Code 12030000 of Chapter 12 of ITC (HS), 2022, Schedule-I, through vide Notification No. 11/2023 on 14th June 2023 with the approval of the Ministry of Commerce and Industry.
The Central Government modified the import policy and policy condition of copra under Chapter 12 of Schedule-I (Import Policy) of ITC(HS) 2022 as follows, in accordance with the authority granted by Section 3 read with Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 read with Paragraphs 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023:
| ITC(HS) Code & Description | Existing Import Policy | Revised Import Policy | Existing Policy Condition | Revised Policy Condition |
| 1203 00 00 - Copra | State Trading Enterprise | Restricted | Import allowed through NAFED subject to Para 2.21 of Foreign Trade Policy |
The import policy of Copra under ITC (HS) Code 12030000 is revised from 'State Trading Enterprise' to 'Restricted'.
Recently, the Directorate General of Foreign Trade (DGFT) has notified the revised ITC(HS) Codes and Import Policy Conditions in line with the Finance Act, 2023 and Foreign Trade Policy, 2023.
In a recent ruling, the Tamil Nadu Authority for Advance Ruling (AAR) has held that 5% of Goods and Service Tax (GST) would be applicable to supply of dried Coconut manufactured and supplied by EMS COCO.
As the impugned goods of the Applicant was only Copra and the same would be classified under Heading 1203, the authority held that the GST rate of 5% would be applicable by entry at SL.No. 66 of Schedule I of 1/2017-Central Taxes (Rate) dated 28.06.2017.
Read More: 5% of GST applicable to Supply of Dried Coconut by EMS COCO: AAR
To Read the full text of the Order CLICK HERE
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