Exports body hails extension of import duty benefit scheme in US
Himanshu Vatsa | The Dollar Business Indian exporters on Tuesday cheered the US government’s decision to extend its duty waiver scheme meant for certain category of imports from India and other developed countries. According to the US Customs and Border Protection (CBP), the Generalized System of Preference (GSP) programme has been reauthorised for another two and a half years beginning July 29, 2015. And US importers can claim refund against duties paid on products that are covered under the GSP. The scheme was launched in 1976 to promote growth in developing countries and encourage import of certain goods which are not produced in the US. As per the scheme, certain products are eligible for duty-free access to the US market if sourced ...
