- Important Instruction No. 19/2023-Customs dated July 04, 2023 provides relief to importers under India-Japan Comprehensive Economic Partnership Agreement (CEPA).
- The Certificate of Origin (COO) Issuing Authority in Japan mentions HSNs as per HS 2007, which has led to Customs Authority in India denying preferential benefits on old HSNs mentioned on COO, impacting industries such as the automobile sector.
- The CBIC Instruction clarifies that the HS code (2007 version) mentioned in COO needs to be correlated with the HS Code (2022 version) mentioned in the Bill of Entry at the time of Customs clearance.
- Importers who were denied preferential treatments can file a claim again and those who missed FTA benefit can explore the benefit by getting the COO issued retroactively and getting BE reassessed.
Source Gaba & Co
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