Date: 2024-08-21 14:08:05
On July 19, 2024, the Indian Ministry of Finance's Revenue Department issued Notification No. 03/2024-Customs (CVD), announcing its acceptance of the recommendation made by the Ministry of Commerce and Industry on April 22, 2024, regarding the first sunset review of countervailing duties on new pneumatic radial tyres for buses and lorries originating from or imported from China. The decision is to continue imposing a countervailing duty for a period of 5 years at a rate of 17.57% of the CIF value.
The products in question are new inflatable radial tyres used for buses or trucks, with or without rubber tubes and/or rubber flaps (including tubeless tyres), and with a rim diameter greater than 16 inches.
This applies to products under Indian customs codes 40112010 and part of 40118000 (the countervailing duty will be levied if the imported products align with the description of the affected products; otherwise, it will not be imposed). This measure will take effect from the date of publication of this notification in the official gazette.
