9911796707
TMI BlogConcessional Customs duty of 10% on capital goods, components & spares thereof imported under EPCG scheme - EXIM Policy 1997-2002X X X X Extracts X X X X X X X X Extracts X X X X ..... he First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as is in excess of the amount calculated at the rate of 10% ad valorem and from whole of the additional duty leviable thereon 2[ under sub-sections (1), (3) and (5) of section 3 ] of the said Customs Tariff Act, subject to the following conditions, namely:- (1) The goods imported are covered by a valid licence issued under the Export Promotion Capital Goods (E.P.C.G.) Scheme in terms of Export and Import Policy (hereinafter referred to as the said policy) permitting import on payment of duty of Customs at the rate of 10% and the said licence is produced for debit by the proper officer of the customs at the time of clearance: Provided that for the import of spare parts, the v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Customs showing the extent of export obligation fulfilled, and where export obligation of any particular year is not fulfilled in terms of the preceding condition, the importer shall within three months from the expiry of the said year pay an amount equal to that portion of the duty leviable on the goods but for the exemption contained herein which bears the same proportion as the unfulfilled portion of the export obligation bears to the total export obligation together with interest at the rate of [fifteen per cent] per annum from the date of clearance of the goods. (4) The importer shall, if he fails to discharge a minimum of 25% of the export obligation prescribed for any particular year, for three consecutive years, be liable to pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erally to fulfil the export obligation and all other conditions of this notification and to pay duty with interest in case of default; Provided further that in case of importers rendering services not required to be registered with Central Excise authorities, a certificate from independant Chartered Engineer confirming the installation and use of capital goods in the importer's premises may be produced. (6) Notwithstanding anything contained in conditions (3) and (4), where the Licensing Authority grants an extention of yearwise period for any year(s) or overall period of fulfilment of export obligation upto a period of two years or regularisation of shortfall, in export obligation not exceeding 5 per cent of such export obligation, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... E S.No. Description of goods (1) (2) 1. Capital goods. 2. Capital goods in SKD/CKD condition to be assembled into capital goods by the importer. 3. Components of capital goods required for assembly or manufacture of capital goods by the importer. 4. Spare parts not exceeding 20% of the value of goods specified at serial Nos. 1,2 and 3 as actually imported and required for maintenance of the capital goods so imported, assembled, or manufactured. Explanation.- In this notification,- (i) "Capital goods" means any plant, machinery, equipment and accessories required for- (a) manufacture or production of other goods, including packaging machinery and equipments, refractories, refrigeration equipment, power generating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istry of Commerce and Industry (Department of Commerce) No.28(RE-2003)/2002-2007, dated the 28th January, 2004. -------------------------------------------------- Notes:- [(As amended by Notifications) No. 8/98/-Cus, dated 23-4-1998; No. 33/98-Cus, dated 9-6-1998; No. 42/98-Cus, dated 30-6-1998; No. 75/98-Cus, dated 9-10-1998; No. 56/99-Cus, dated 11-5-1999; No. 52/2000-Cus, dated 28-4-2000; No. 49/2002-Cus, dated 24-4-2002; No. 113/2002-Cus, dated 16-10-2002; No. 14/2003-Cus, dated 21-1-2003; No. 44/2003-Cus, dated 21-3-2003 and No. 29/2004-Cus, dated 28-1-2004.] 1. Inserted vide Notification No. 46/2013-Customs dated September 26, 2013. 2. Substituted vide Not. 26/2017 - Dated 29-6-2017, 1st day of July, 2017 , before it was read as. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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