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EXPLAINED : COUNTRY OF ORIGIN RULES: CAROTAR, 2020

EXPLAINED : COUNTRY OF ORIGIN RULES: CAROTAR, 2020

Details

  • The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020) shall come into force from 21st September, 2020.
  • It will be notified upon completion of the 30 day period that was given to importers and other stakeholders to familiarize themselves with new provisions.

Key features

  • CAROTAR, 2020 protects the domestic industry from misuse of FTAs.
  • With implementation CAROTAR, 2020, an importer is now required to do due diligence before importing the goods to ensure that they meet the prescribed originating criteria.
  • An Importer is required to possess has also been provided in the rules along with general guidance.

Significance of CAROTAR, 2020

  • It will support the importer to correctly ascertain the country of origin.
  • It will also help importers claiming the concessional duty and assist Customs authorities in smooth clearance of legitimate imports under FTAs.
    It would strengthen the hands of the Customs in checking any attempted misuse of the duty concessions under FTAs.

About Free trade agreement (FTA) or treaty

It is a multinational agreement according to international law to form a free-trade area between the cooperating states.

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