India has entered into Free Trade Agreements (FTA) with a number of countries. They are an important channel for trade in goods between India and the rest of the world. One of the important conditions to be able to import goods under FTAs at concessional rates of tariff is that the imported good must be ‘originating’ in the FTA partner country. One of the critical documents to prove origin is the Certificate of Origin issued in the importing country. However, from 2020, the Government of India enacted the CAROTAR Rules, 2020 has tightened the rules concerning the proof of origin of goods imported under FTAs.
A consequence of this is that there is a heavy onus on the importer to undertake the necessary due diligence to ensure that the goods are originating in the exporting country. Violation of these rules can invite heavy penalties under the customs laws.
This webinar is intended to cover the following:
- The legal framework in India concerning country of origin norms for imports under FTA;
- Overview of the broad requirements for importers under these rules;
- Recent legal developments concerning country of origin requirements.
Speaker - Dhruv Matta, Partner, LKS