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Bharat Prakash, Additional Commissioner of Customs, Ahmedabad and P. S. Pruthi, Former Member, Customs Excise and Service Tax Appellate Tribunal (CESTAT) interacted with the participants of the workshop on ATA Carnet and responded to several queries while clarifying doubts on the operational aspects of ATA Carnet.
The workshop was organised by FICCI in association with Federation of Gujarat Industries (FGI), Vadodara Chamber of Commerce and Industry (VCCI) supported by Exim Club Vadodara highlighted the importance of the ATA Carnet instrument for the business community.
The workshop drew participation from industry experts, representation from export promotion councils, freight forwarding companies, customs house agents, fair and exhibition organisers. This event provided exporters and business experts with a unique opportunity to share their mutually beneficial knowledge and experiences. The industry discussed issues involved with respect to temporary imports of goods and drew benefit from the deliberations of the sessions.
ATA Carnet is a temporary admission document, which simplifies the customs procedures and clearances in a foreign country, without paying duty or a bank guarantee for temporary import into that country.
Like a passport for goods, ATA Carnet allows for the goods for which it was issued to enter any of the participating countries for up to one year.
An ATA Carnet holder can avoid customs declaration and can do away with security deposit or guarantee in the country of temporary importation. In India, FICCI is the sole National Guarantor for ATA Carnets.
ATA Carnet covers several areas for use including trade fairs, shows, exhibitions, meetings etc. for temporary export into a country, which is a signatory to the conventions governing ATA Carnets. Goods must be re-exported out of every country and re-imported into India within a year.
At present 77 countries recognise ATA Carnet, including Australia, Canada, France, Germany, Japan, Korea, Malaysia, Spain, UAE, UK and USA.
The government is actively considering expanding the scope of ATA Carnet System. At present, India is a signatory to convention on Exhibition and fairs only. Recently the GST Council has given its recommendations for the expansion of scope of ATA Carnet System to cover professional equipment meant for testing/demonstration, media coverage, sporting events or similar ones a big move by the Government to support 'Ease of doing business - Make in India" initiative.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)