Ease of Trade with UAE: CBIC issues Notifications to give effect to CEPA Agreement

The Central Board of Indirect Taxes and Customs (CBIC) has released numerous customs notifications in order to align the various notifications with the new HSN codes effective 1.5.22, as well as to give effect to the CEPA agreement with the UAE.

India and the United Arab Emirates (UAE) have entered into a Comprehensive Economic Partnership Agreement (CEPA) to establish a free trade zone, in accordance with the Decision of 28 November 1979 on Differential and More Favorable Treatment, Reciprocity, and Fuller Participation of Developing Countries (Enabling Clause) and Article V of the General Agreement on Trade in Services (GATS).

According to the notification released on Saturday, the Customs Administration of the importing Party may deny the claim for preferential tariff treatment or recover outstanding duties in accordance with its laws and regulations.

A Certificate of Origin must also follow the format specified in Annexure-E and include the HS Code, a description and quantity of the products, the name of the consignee, the name of the exporter or producer or manufacturer, the country of origin, and origin criteria such as value content or a change in tariff classification.

To Read Notification Download PDF Given Below: