The Central Board of Indirect Taxes and Customs (CBIC) has notified the extension of the levy of countervailing duty on “Continuous Cast Copper Wire Rod”.
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The designated authority has initiated review in terms of section 9(6) of the Customs Tariff Act, read with rule 24 of the Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidised Articles and for Determination of Injury) Rules, 1995.
In the matter of continuation of countervailing duty on imports of “Continuous Cast Copper Wire Rod” falling under heading 7408 of the First Schedule to the Customs Tariff Act, originating in or exported from Indonesia, Malaysia, Thailand and Vietnam, imposed requested for extension of the countervailing duty in terms of section 9 (6) of the Customs Tariff Act.
In exercise of the powers conferred by section 9 (6) and (1) of the Customs Tariff Act, read with rules 20 and 24 of the rules, the Central Government amended the notification No. 1/2020- Customs.
The countervailing duty shall remain in force up to and inclusive of the 7th July, 2025, unless revoked, superseded or amended earlier.
FAQs
What is the levy of countervailing duty?
Countervailing Duties (CVDs) are tariffs levied on imported goods to offset subsidies made to producers of these goods in the exporting country.
Notification Details
Notification No. 06/2024-Customs (CVD)
Date: 04/10/2024
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