Customs duty on import of 539 products from Singapore lowered

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Customs duty on import of 539 products from Singapore lowered

AIT News Network

NEW DELHI. Government has lowered Customs duty on import of 539 Products from Singapore under Indo-Singapore Comprehensive Economic Cooperation Agreement vide Customs Tariff Notification No.10. The duty cut is effective from 15^th January 2008.

The duty concession is subject to condition that the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods in respect of which the benefit of this exemption is claimed are of the origin of Republic of Singapore, in accordance with the provisions of the Rules of Origin, published in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 59/2005-Customs ( N.T.), dated the 20th July, 2005
Government of India and Singapore have on 20th December 2007 signed the Protocol amending the Comprehensive Economic Cooperation Agreement between the Republic of India and the Republic of Singapore signed in New Delhi on 29 June 2005 and have agreed accelerate the reduction and/or elimination of customs duties, pursuant to paragraph 2 of Article 2.3 of the Agreement.

(Click here for Customs Tariff Notification No.10)

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Customs duty on import of 539 Products from Singapore being lowered