Free Trade Agreement between South korea and india
This query is : Resolved
24 November 2010
Dear All,
Our product comes under the Exempation of Free Trade Agreement between South Korea and India. In the notification, the exemption given as follows :
"in excess of custom duty 10.24%"
I am not able to understand it, please clearfy with example.
you can see the notification from below link.
https://www.cbec.gov.in/customs/cs-act/notifications/notfns-2k9/cs152-2k9.htm
Our product comes under the Exempation of Free Trade Agreement between South Korea and India. In the notification, the exemption given as follows :
"in excess of custom duty 10.24%"
I am not able to understand it, please clearfy with example.
you can see the notification from below link.
https://www.cbec.gov.in/customs/cs-act/notifications/notfns-2k9/cs152-2k9.htm
RAMESH KUMAR VERMA
(Expert)
01 December 2010
AS PER NOTIFICATION NO.152/2009 DTD.31.12.2009
***********************************************************************************
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description as specified in column (3) of the Table appended hereto and falling under the Chapter, Heading, Sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in the corresponding entry in column (2) of the said Table, when imported into India from the Republic of Korea, from so much of the duty of customs leviable thereon as is in excess of the amount calculated at the rate specified in the corresponding entry in column (4) of the aforesaid Table:
IF YOU IMPORT THE GOODS,
THE ANTIDUMPING DUTY,NCCD, SAD etc will be paid by importer.
***********************************************************************************
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description as specified in column (3) of the Table appended hereto and falling under the Chapter, Heading, Sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in the corresponding entry in column (2) of the said Table, when imported into India from the Republic of Korea, from so much of the duty of customs leviable thereon as is in excess of the amount calculated at the rate specified in the corresponding entry in column (4) of the aforesaid Table:
IF YOU IMPORT THE GOODS,
THE ANTIDUMPING DUTY,NCCD, SAD etc will be paid by importer.
RAMESH KUMAR VERMA
(Expert)
01 December 2010
for more info:- please mentioned the RITC CODE of the imported items.
regards,
regards,
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