Thai exporters may forego FTA gold duty exemption
24 Oct 2013 5:45 AM IST
Worried over the possibility of India imposing restrictions on import of gold jewellery, Thailand on Wednesday mooted a proposal under which its exporters would forego the duty benefit under the Indo-Thailand FTA and pay full duty. The issue was discussed during the meeting of Commerce and Industry Minister Anand Sharma and Thai deputy PM and Minister for Commerce Niwattumrong Boonsongpaisan.
‘We have proposed that ... the exporters from Thailand and also importers in India agree that now we will pay tax on the gold (including gold jewellery) and things like that,’ Niwattumrong told reporters after the meeting.
In March, the Commerce and Industry Ministry had advised the Revenue Department to suspend preferential import of gold jewellery from Thailand.
‘Department of Revenue has been advised to suspend preferential import of gold jewellery with identified tariff lines from Thailand till the retroactive check is conducted by the Thai side,’ Minister of State for Commerce and Industry D Purandeshwari had said in a written reply to the Rajya Sabha.
This suggestion came in the wake of doubts raised over the accuracy of information given on the Certificates of Origin issued by Thailand under the Early Harvest Scheme (a kind of free trade agreement).
‘We have proposed that ... the exporters from Thailand and also importers in India agree that now we will pay tax on the gold (including gold jewellery) and things like that,’ Niwattumrong told reporters after the meeting.
In March, the Commerce and Industry Ministry had advised the Revenue Department to suspend preferential import of gold jewellery from Thailand.
‘Department of Revenue has been advised to suspend preferential import of gold jewellery with identified tariff lines from Thailand till the retroactive check is conducted by the Thai side,’ Minister of State for Commerce and Industry D Purandeshwari had said in a written reply to the Rajya Sabha.
This suggestion came in the wake of doubts raised over the accuracy of information given on the Certificates of Origin issued by Thailand under the Early Harvest Scheme (a kind of free trade agreement).
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