Business: This facility is only for those businessmen who have failed to meet their export obligations as per advanced and EPCG authorization scheme. In the foreign trade policy announced on March 31 last, it was mentioned to bring amnesty scheme. Now it has been implemented.
Finance: The Finance Ministry has made a big announcement. Many businessmen are going to get relief from this announcement. The Ministry of Finance has implemented an amnesty scheme for traders who have not been able to meet their export obligations under the Authorization Scheme for Export Promotion of Advanced and Capital Products (EPCG). You will be given a chance to clear yourself by paying customs duty and interest up to 100 percent.
EPCG Authorization Scheme
This facility is only for those traders who have failed to meet their export obligations as per advanced and EPCG authorization scheme. In the foreign trade policy announced on March 31 last, it was mentioned to bring amnesty scheme. Now it has been implemented. In a notification issued by the Central Board of Indirect Taxes and Customs (CBIC), said, “The cases under this scheme will be monitored besides monitoring them so that old cases of genuine default are disposed of effectively and quickly.”
Must be registered
CBIC has asked Principal Commissioners and Commissioners of Taxes to ensure that exporters approaching for payment of old duty must be registered with the Directorate General of Foreign Trade (DGFT). To take advantage of this scheme, the pending fee will have to be paid by September 30, 2023.
Settlement of duty cases
KPMG’s National Head (Indirect Taxes) Abhishek Jain said that this circular shows the intention of the government to settle old duty cases at the level of field officers. This will also help in quick disposal of cases. Rajat Mohan, senior partner, AMRG & Associates, said the scheme has been introduced with the intention of reducing the financial burden on exporters and aims to help settle export default obligations.
