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.
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.
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.
Here are the products covered under the GSP Certificate, divided into two categories:
Products with Import Content are eligible for GSP if they are manufactured with imported or unknown origin materials. The process of production should have been processed in India.
Here is the list of documents required for GST registration:
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.
Particulars | Fees | |
---|---|---|
One time creation fee | ₹ 500 | |
Professional Fee | ₹ 1700 | |
Total Fees | ₹ 2936 | |
Validity | 12 months from the date of issuance |
Here are the procedures to proceed with the application of the GSP certificate in India online with Bizfoc:
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.
Get in contact with our Bizfoc team for registering your application under the GSP certificate online.
After getting in touch with our team, our team will communicate all your doubts and queries to solve your subject.
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.
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.
Once your application is approved, you will be required to pay the necessary registration fees.
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).
Following are the benefits of the GSP certificate for the individual who will obtain it:
Cost effectiveness to buyers: GSP status improves product competitiveness globally, enabling exporters to provide better pricing to buy
Here is the list of the countries that grant the GSP preferences to evaluate the Indian products:
Australia |
New Zealand |
Germany |
Canada |
Norway |
Greece |
Czech Republic |
Republic of Belarus |
Italy |
European Union (EU Member States): |
Republic of Bulgaria |
Luxembourg |
Austria |
Republic of Hungary |
Netherlands |
Belgium |
Republic of Poland |
Portugal |
Denmark |
Russian Federation |
Spain |
Finland |
Slovakia |
Japan |
France |
Switzerland |
New Zealand |
Germany |
United Kingdom |
Norway |
Greece |
United States of America |
Republic of Belarus |
Italy |
Sweden |
Republic of Bulgaria |
Luxembourg |
Austria |
Republic of Hungary |
Netherlands |
Belgium |
Republic of Poland |
Portugal |
Denmark |
Russian Federation |
Spain |
Finland |
Slovakia |
Japan |
France |
Switzerland |
Sweden |
USA |
UK |
Here are the top five reasons why you should choose Bizfoc for registering themselves under Generalized System of Preference (GSP) registration:
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.
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.
No, there is no difference between the GSP certificate and the GSP certificate of origin. These names are used interchangeably to refer to the same document that establishes the origin of a product from a developing country qualified for GSP advantages.
DGFT issues the GSP license in India.
Yes, the total cost involved in obtaining a GSP certificate is ₹2936/- only.
The GSP license in India takes about 3-5 days within the business hours to obtain the GSP certificate.