The Central Board of Indirect Taxes and Customs (CBIC) on May 24, 2023, issued a circular regarding the Foreign Trade Policy 2023, the policy was effective from April 01, 2023, vide Notification No. 01/2023 dated March 31, 2023.
The following aspects of the FTP-HBP are highlighted:
• The Special Advance Authorization Scheme (SAAS) in Para 4.04A of FTP is for the import of specialized fabrics meant for the export production of garments of Chapters 61 and 62. It has been provided that such authorization may also be issued on the basis of self-declaration with the condition that the norms shall be finalized/fixed in such cases within a stipulated time period of 90 days.
• The eligibility to apply under the Self Ratification Scheme for purposes of Advance Authorization in para 4.06 of FTP has been extended to a manufacturer cum actual user who holds a valid 2-Star or above Status under para 1.25 of FTP if it has already submitted its application on CBIC's AEO portal for grant of AEO certification, provided he obtains the AEO certification within 120 days, else the DGFT's Norms Committee shall have to fix the norms.
• In terms of para 4.09 of FTP, a minimum value addition of 25% is now to be achieved for spices under Advance Authorisation Scheme.
• In terms of para 4.11 of FTP, all items with a basic customs duty of more than 30% have also been included in the list of ineligible categories of import under a self-declaration basis.
• Project imports are excluded from the EPCG scheme.
[Circular No. 12/2023]
