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HomeIndirect TaxesCBIC Extends Levy Of Countervailing Duty On 'Continuous Cast Copper Wire Rod'

CBIC Extends Levy Of Countervailing Duty On ‘Continuous Cast Copper Wire Rod’

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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”.

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.

levy of countervailing duty

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The countervailing duty shall remain in force up to and inclusive of the 7th July, 2025, unless revoked, superseded or amended earlier.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

Read Notification

Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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