Dec 26, 2022
With the India-Australia interim trade deal set
to kick off later this month, the Central Board of Indirect Taxes and Customs
has notified the Rules of Origin. The notification, which relates to the
eligibility requirement to claim the preferential customs duty on trade in goods,
under the economic cooperation and trade agreement (ECTA), will come into
effect from December 29. This is when the ECTA will also come into effect.
RoAs specify the threshold for value addition in the country concerned to
qualify for the tax concessions under the FTA, so that the benefits are not
misused by firms based in other countries.