Interviews
New CoO terms cause row among business groups
18 Jan '11
1 min read
The new terms proposed by the government for the Certificate of Origin (CoO) which specifies the country of origin of the goods, has stirred up disagreement among the business community.
The government recently proposed to make it voluntary for the exporters to obtain CoO for items exported to the Europe and the US under the Generalized System of Preferences (GSP), and also levy flat charges on CoO for exportable items.
The new provisions propose that, the government would act as the sole authority for permitting issuance of CoO to trade bodies.
Thus, the authorities which were previously in charge of issuance of the CoO are protesting this provision as it is likely to cut back their income.
Presently, the exporters pay 12 paisa as CoO charge on export of goods worth Rs 100. The concerned commodity organizations get two paisa and the bi-lateral chamber of commerce gets one paisa, out of the 12 paisa.
However, exporters have appreciated and are pleased with this move of voluntary provision for CoO taken by the government, as majority of the importing nations have dropped the formality of demanding the CoO.
The government recently proposed to make it voluntary for the exporters to obtain CoO for items exported to the Europe and the US under the Generalized System of Preferences (GSP), and also levy flat charges on CoO for exportable items.
The new provisions propose that, the government would act as the sole authority for permitting issuance of CoO to trade bodies.
Thus, the authorities which were previously in charge of issuance of the CoO are protesting this provision as it is likely to cut back their income.
Presently, the exporters pay 12 paisa as CoO charge on export of goods worth Rs 100. The concerned commodity organizations get two paisa and the bi-lateral chamber of commerce gets one paisa, out of the 12 paisa.
However, exporters have appreciated and are pleased with this move of voluntary provision for CoO taken by the government, as majority of the importing nations have dropped the formality of demanding the CoO.
Fibre2fashion News Desk - India
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