GSP Registration Overview

The GSP Certificate is an important document in international trade that allows developing-country exporters to take advantage of tariff rates when exporting goods to rich countries. This certificate, issued by authorized agencies such as the Directorate General of Foreign Trade (DGFT), confirms that the commodities comply with the GSP program's specific regulations of origin.

Exporters from beneficiary developing countries who want to take advantage of lower or zero tariffs in GSP-member countries need to obtain this certificate. They increase their products' competitiveness in global marketplaces, promoting economic growth and expanding trade prospects for their countries. In this article, we will provide you with complete insights into the process for obtaining a GSP certificate and the documents required, the fee layout, and the eligibility criteria to get this GSP license.

What is GSP Registration of Origin?

GSP stands for Generalized System of Preferences. It is a preferential tariff system used by wealthy countries to provide trade benefits to developing countries. This means that qualifying products from these developing countries can be imported into industrialized countries with lower tariffs or even duty-free.

Here, the GSP certificate of origin is a document that certifies that a product is from a developing nation that qualifies for GSP benefits. This enables the exporter to claim favorable tariff treatment when shipping the product to a developed country.

Rules of Generalized Schemes of Preference

Here are the general rules under the GSP license that must be complied with by each individual who is willing to register under DGFT or another import-export authority.

• GSP Registration of Origin: The origin criteria decide whether the product is considered to have originated in the country of export (beneficiary country).
• Transport Conditions: The transport conditions indicate the manner of transportation from the nation of export to the developed country so that the commodities in question qualify for preferential tariff treatment when imported in the land of the consignee.
• Documentary Evidence: Documentary evidence will act as proof for products to be granted Generalized System of Preferences benefits at the border of the importing country.

In addition to the criteria listed above, a few supplementary criteria may have an impact on the origin of the goods being considered.

Products Covered Under GSP Certificate

Only items from a beneficiary nation (such as India) that meet the requirements of the importing country's rules of origin are deemed eligible for preferential tariff treatment on imports into donor countries' markets.

Products that are exported from India has been divided into two groups:

• Wholly Owned Products
• Product with import content

Documents Required for GSP Registration

Here is the list of documents required for GSP registration:

• Digital Signature Certificate
• Import Export Code
• Personal details of business representative
• Commercial invoice
• Purchase bill with respective details
• Manufacturer exporter declaration
• Product description
• Purchase order from exporter

Fee Structure for GSP Certificate

The total fees for registering under the GSP certificate are ₹2936, including our professional charges. The validity of the GSP license is valid for 12 months or 1 year from the date of issuance.

How to Apply for a GSP Certificate in India Online?

Here are the procedures to proceed with the application of the GSP certificate in India online with Bizfoc:

Step 1: Documentation

Gather all the required documents for the GSP certificate, such as the company registration certificate, PAN card, GST registration number, bank account details, product description, and manufacturer exporter declaration, for registering themselves under the GSP certificate.

Step 2: Reach out to our team experts

Get in contact with our Bizfoc team for registering your application under the GSP certificate online.

Step 3: Get communicate with our experts

After getting in touch with our team, our team will communicate all your doubts and queries to solve your subject.

Step 4: Submit the application

The next step is to ensure that your status of application submission is completed and filled by the experts on behalf of the applicant with all the requisite documents for registering under the GSP certificate.

Step 5: Verification & Evaluation

GSP will review your application and documents to verify the authenticity and eligibility of your company. They may also conduct a visit to your premises to assess your manufacturing facilities and processes. Your product samples will be evaluated to ensure they meet GSP's quality standards.

Step 6: Payment of fees

Once your application is approved, you will be required to pay the necessary registration fees.

Step 7: Issuance of registration certificate

Upon successful completion of the above steps, GSP will issue you a registration certificate. This certificate will enable you to avail of the various benefits and services offered by the Generalized System of Preferences (GSP).

Benefits of GSP Certificate

Following are the benefits of the GSP certificate for the individual who will obtain it:

• Indian exporters benefit indirectly from reduced tariffs or duty-free entrance of qualifying Indian items, which helps importers.
• Reducing or removing import duties on Indian products increases their competitiveness in developed overseas markets. The manufacturing process should have been processed in India.
• Economic Growth: GSP benefits can help exporters improve client base and sales, leading to economic growth.
• Cost effectiveness to buyers: GSP status improves product competitiveness globally, enabling exporters to provide better pricing to buy

Countries that grant GSP preferences

Here is the list of the 29 developed countries out of which 15 countries belongs to European Uniuon member states that India grant the GSP preferences:

Why Choose Bizfoc for GSP Registration?

Here are the top five reasons why you should choose Bizfoc for registering themselves under Generalized System of Preference (GSP) registration:

• Hassle-free procedures
• Cost-effective solution
• Respond to all your queries and doubts via communication mediums
• Free assistance of experts
• Proven success

We, the team of experts, will help you overcome the problems via communication mediums regarding the GSP license. You can either contact us by way of email or direct phone number to get connected to our experts without any hesitation. So, for registering under the GSP license, get your free assistance today to proceed with your application successfully by undergoing hassle-free procedures.

Conclusion

GSP (Generalized System of Preferences) registration in India offers major benefits to Indian exporters by providing preferential tariff status in a number of international markets. By getting a GSP certificate, Indian exporters can benefit from lower tariffs or duty-free access for their products, making them more competitive and appealing to importers. To be eligible for GSP advantages, Indian exporters must meet the importing country's specific origin criteria and documentation requirements. Indian firms may contribute to the country's economic development by successfully understanding and carrying out the GSP policy.

Frequently Asked Questions about GSP Registration