6 hours ago
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- Business Standard
Imports under FTAs can be cleared under the provisional assessment
Rajagopalan answers readers' SME queries related to GST, export and import matters
TNC Rajagopalan
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We import our raw materials under the free trade agreements. We find that invariably the Customs raise some query or the other and the clearance gets delayed. This results in demurrage and even our production schedule gets disrupted sometimes. Is there any way we can avoid that?
The CBIC has issued comprehensive guidelines for provisional assessments vide Circular No. 38/2016- Customs dated 22.08.2016. This circular has been revised after the implementation of the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (referred to as the CAROTAR, 2020) issued vide Notification No. 81/2020-Customs (N.T.) dated 21st August, 2020.
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