Generalised system of preference
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Generalised system of preference - How to get one?
A GSP Registration is a legal document issued to an exporter of manufactured goods to verify the origin of the product. It includes important information such as the manufacturer’s details, the location where the goods were produced, and the intended destination of the commodities. It is a trade agreement offered by developed countries to developing nations.
This document serves as proof to customs authorities and trade partners, ensuring compliance with trade agreements, import regulations, and tariff policies. It plays a vital role in verifying the authenticity and traceability of goods, promoting fair trade practices, and facilitating international trade transactions with transparency and credibility.
Rules of Generalised system of preference
The exported goods must meet the rules of origin set by the importing country to benefit from the Generalized System of Preferences (GSP). The Rules of origin are a set of requirements established by the importing country that Indian products must meet in order to be eligible for preferential tariff treatment upon importation into that country.
The three components of the rules of origin are listed as follows:
- Origin Criteria: The origin criteria determine whether the product can be considered to originate in the country of export (beneficiary country).
- Transport Conditions: The transport conditions specify the means of transportation from the country of export to the developed country, so that the goods in question may be eligible for preferential tariff treatment upon importation into the consignee’s country.
- Documentary Evidence: Documentary evidence will serve as the substantiation for products to be granted Generalized System of Preferences (GSP) benefits at the border of the importing country.
Countries that extend Generalised system of preference
- United stated of America
- European union
- Japan
- Belarus
Documents required for GSP Registration
Here is a list of documents required to obtain GSP for respective free trade agreements:
- Digital signature certificate
- Import export Code
- Mobile No & Email Address
- Commercial Invoice
- Purchase bill with respective details
- Manufacturer exporter declaration
- Product description
- Purchase order from importer
What is the fee for GSP Registration?
The registration fee is ₹3,200, including taxvilla fees. The registration is valid for up to 12 months from the date of issuance. Exporters can apply for a reissue of the GSP Registration once the validity period has expired.
The fee can be breakdown into the following:-
Particulars Fees Govt Fee ₹736 per invoice One-time creation fee ₹ 500 taxvilla Fee ₹1700 Total Fee ₹2936 Validity 12 months from the date of issuance
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