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FIEO welcomes retroactive introduction of GSP benefit

By TIOL News Service

NEW DELHI, AUG 05, 2015: WELCOMING the Federal Register communication which provides notice to importers that effective July 29, 2015, the U.S. Customs and Border Protection (CBP) will again accept claims for GSP eligible merchandise that was entered during the period that the GSP program was lapsed, Mr Ralhan said that it will benefit Indian exports and will increase competitiveness of Indian goods covered under GSP in U.S. Market. India will get duty advantage in respect of 3500 tariff lines.

Effective July 29, 2015, the filing of GSP-eligible entry may be resumed without the payment of estimated duties, and US authorities will initiate the automatic liquidation or reliquidation of formal and informal entries of GSP-eligible merchandise that was entered on or after August 1, 2013 through July 28, 2015.

FIEO Chief informed that the GSP program expired on July 31, 2013, but has been renewed through December 31, 2017, effective July 29, 2015, with retroactive effect between August 1, 2013 to July 28, 2015, by a provision in the Trade Preferences Extension Act of 2015.

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