India: Six-month extension of Foreign Trade Policy 2015-2020; other trade and customs-related developments
Guidance from the Ministry of Commerce and Industry, Ministry of Finance, and Central Board of Indirect Taxes and Customs
Other trade and customs-related developments
The Ministry of Commerce and Industry issued a release announcing that the existing Foreign Trade Policy 2015-2020 has been extended by six months (from 30 September 2022).
Other trade and customs-related developments include the following.
- The Ministry of Finance issued new Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022.
- The Central Board of Indirect Taxes and Customs issued a circular clarifying the classification of goods that undertake lifting and handling functions and have mobility as a function (“truck cranes” or “all terrain cranes”). Mobile machines that can move under load are to be classifiable under HSN 8705 (10% customs duty), whereas machines that do not move under load, or movement is limited are to be classifiable under HSN 8426 (7.5% customs duty).
Read an October 2022 report [PDF 273 KB] prepared by the KPMG member firm in India
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