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Taxation Central Ministry of Finance Customs Tariff Act, 1975

CBIC (Customs) notifies second tranche of tariff concessions under India-EFTA Agreement (Iceland)

30-Dec-2025 | No. 53/2025-Customs

CBIC (Customs) has issued a notification amending an earlier customs notification In line with India's commitments under the India-EFTA Trade and Economic Partnership Agreement (TEPA), particularly with Iceland, the Central Government has notified amendments to the customs duty structure on specified goods.

Key Features of the notification:

- The notification substitutes Table I of the earlier customs notification to reflect revised Basic Customs Duty (BCD) rates on a wide range of tariff items.
- The revisions are intended to operationalise tariff concessions under the India-EFTA framework, with a focus on facilitating trade with Iceland, one of India's key EFTA partners.
- The updated tariff schedule spans agricultural products, animal and fishery products, food items, seeds, fruits, spices, cereals and other goods, in accordance with India's negotiated commitments.
- For several tariff lines, customs duties have been reduced or rationalised, including nil or concessional rates, enabling preferential market access for EFTA countries.
- Additional Duty of Customs (AIDC) and Health Cess continue to remain nil, unless otherwise specified.

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