GSP AND GSTP
Click here to know GST rate of your goods or service
The strong feeling that it is necessary to accord some preferential treatment to promote the manufactured exports of the developing countries, some schemes of trade preference have been established.
Generalized System of Preferences (GSP)
The Generalised System of Preferences (GP) is a scheme designed by the UNCLAD to encourage exports of developing countries to developed countries. Under this scheme, developed countries grant duty concession on imports of specified manufactures and semi-manufactures from developing countries.
It was a resolution adopted at the UNCTAD-II, held in 1968 in New Delhi, that led to the introduction of the GM', which is the result of the realisation that temporary advantages in the form of generalised arrangements for special tariff treatment for developing countries in the market of developed countries may assist developing countries to increase their export earnings and so contribute to an acceleration in the areas of their economic growth.
The EEC countries and a number of other countries, such as the USA, Japan, Norway, New Zealand, Finland, Sweden, Hungary, Switzerland, Australia, Canada, Bulgaria and Poland have introduced the GSP.
The GSP facility is available only to developing countries; it is subject to certain stringent limitations.
The preferential rates of duty allowed on the import of manufactures and semi-manufactures and processed agricultural products differ in schemes of different developed countries because each country has developed its own GSP, keeping in view its local production base and certain other factors. Each scheme has a safeguard clause or an escape clause to protect the sensitive sectors in its economy.
A particular item is qualified for GSP benefits only if the following conditions are satisfied: (1) The product must be included in the GSP list.
(2) The country exporting the item should be declared under the GSP as a beneficiary country.
(3) The value added requirements/process criteria must be complied with.
(4) The product must be imported into the GSP donor country from a GSP beneficiary country.
(5) The exporter must send to his buyer/importer a certificate of origin in the prescribed fowl duly filled in and duly signed by him, and then certified by a designated Government authority.
Global System of Trado Proforoncea (GSTP)
It was a resolution adopted at the UNCTAD-II, held in 1968 in New Delhi, that led introduction of the GSP, which is the result of the realisation that temporary the form from of generalised arrangements for special tariff treatment for developing countries in the 0 of developed countries may assist developing countries to increase their export earnings and so convibute to an acceleration in the areas of their economic growth.
The EEC countries and a number of other countries, such as the USA, Japan, Norway, New Zealand, Finland, Sweden, Hungary, Switzerland, Australia, Canada, Bulgaria and Poland have introduced the GSP.
The GSP facility is available only to developing countries; it is subject to certain stringent limitations.
The preferential rates of duty allowed on the import of manufactures and semi-manufaaurts and processed agricultural products differ in schemes of different developed countries because each country has developed its own GSP, keeping in view its local production base and certain other factors. Each scheme has a safeguard clause or an escape clause to protect the sensitive sectors in its economy.
A particular item is qualified for GSP benefits only if the following conditions are satisfied:
(1) The product must be included in the GSP list.
(2) The country exporting the item should be declared under the GSP as a beneficiary country.
(3) The value added requirements/process criteria must be complied with.
(4) The product must be imported into the GSP donor country from a GSP beneficiary country.
(5) The exporter must send to his buyer/importer a certificate of origin in the prescribed form duly filled in and duly signed by him, and then certified by a designated Government authority.
USEFUL LINKS
Click here to know GST rate of your goods or service
GST Exemption list of goods and services
Find HSN number or Service tariff code for GST
GST registration guidelines
Indian GST Laws
How to export your goods?
Types of Insurance Documents.
What is Express Release Bill of Lading
What is FIRC in export import business
What is first check assessment procedures in import customs clearance
What is FOB price in Exports and Imports and how it works
What is Fumigation in Export and Import
What is House BL
What is ICD?
What is IHC – Inland Haulage Charges
What is intensive exam CET exam in US import clearance
What is Inter Unit Transfer (IUT) in STP
Is Customs House Agents (CHA ) required to be appointed mandatory?
How is IGST rate on imports treated?
GST and e-Commerce Business, FAQ
Definition of E-Commerce under GST
TDS under GST, Frequently Asked Questions
Does Interest attract on GST Tax payment delay?
Mechanism of Payment of GST tax in India
Levy of late fee for GST Tax returns filing in India
Notice to GST return filing defaulters
When to file Annual Return of GST online?
Procedures to claim reduction in output tax liability of GST in India
Procedures to claim Input Tax Credit under GST in India
When to file first Return of GST tax in India?
GST Tax returns filing – Who, How and When?
GST payable rate on sale or purchase of Texturised vegetable proteins
GST imposed rate on purchase or sale of Namkeens, bhujia, mixture, and chabena
GST imposed rate on sale or purchase of Bari made of pulses including mungodi
GST levied rate on sale or purchase of Ice cream and other edible ice
GST levied rate on sale or purchase of Soups and broths
GST payable rate on sale or purchase of Mixed condiments and mixed seasonings
GST slab rate on sale or purchase of Ketchup & Sauces
GST levied rate on purchase or sale of Curry paste mayonnaise and salad dressings
GST payable rate on sale or purchase of Yeasts and prepared baking powders
GST rate on purchase or sale of Roasted coffee substitutes
GST slab rate on sale or purchase of Roasted chicory
GST tariff rate on purchase or sale of Extracts, essences and concentrates of tea or mate
GST amount of rate on sale or purchase of Extracts and essences thereof