Friday, Apr 19 2024 | Time 14:22 Hrs(IST)
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Business Economy


FIEO Welcomes retroactive introduction of GSP benefit

Hyderabad, Aug 4 (UNI) Federation of Indian Exports Organisation (FIEO) today welcomed retroactive introduction of GSP benefit by US government. Welcoming the Federal Register communication which provides notice to importers that effective July 29, 2015, the US 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, FIEO President S C 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, a statement here said. 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. UNI VV GM AK1240
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