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The Director General of Foreign Trade recently introduced the online e-tariff rate quota system for imports. Applicants seeking tariff rate quota for imports can apply online under the e-tariff rate quota in the import management system. In this article, we shall discuss this facility in detail.
The DGFT, in its trade notice, announced the following information:
It is a mechanism that permits a set quantity of specific products that are to be imported. These items are according to the particular custom notification associated with it. Tariff quotas are used on numerous products, out of which most are in the agriculture sector.
The TRQ is allotted to the importer by the DGFT following paragraph 2.62 of the handbook of procedures, 2015-20. The TRQ authorization will contain name and the address of the importer, IEC code, customs notification no., sub-heading or tariff item applicable, quantity and certificate validity period.
The TRQ authorization will be electronically issued by the DGFT and shall be transmitted to the ICES system. Imports made against the TRQ would be permitted only on debiting the TRQ quantity electronically in the ICES system.
The following persons will get benefitted:
Following pre-requisites are required:
A registration fee of 1 thousand rupees subject to minimum 500 rupees and a maximum of 1 lakh rupees on CIF amount of the authorization will have to be paid via electronic mode in the online system for every application for authorization issuance.
It may be noted that the TRQ authorization shall be valid for imports for 1 year from the authorization issuance date.
The application procedure to apply for the e-tariff rate quota in the import management system via importer’s dashboard on the DGFT website is provided below.
It may be noted that help manual and FAQs are also set up on the website of Director General of Foreign Trade to facilitate change into the e-tariff rate quota system.
Read our article: All about New Foreign Trade Policy 2021-26
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