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TMI BlogAmendments in Chapter 5 of the Handbook of Procedures 2015-20, related to Export Promotion Capital Goods Scheme to reduce 'Compliance Burden' and enhance 'Ease of doing Business'X X X X Extracts X X X X X X X X Extracts X X X X ..... rade Policy (FTP) 2015-2020, as amended from time to time, the Director General of Foreign Trade hereby makes the following amendments in Chapter 5 of the Handbook of Procedures (2015-20) with immediate effect. These amendments are applicable for EPCG authorizations issued under FTP 2015-20 . S. No. Para No. Existing provision Revised provision 1 5.14 (c) 5.14 Block-wise Fulfilment of EO (c) Where EO of the first block is not fulfilled in terms of the above proportions, except in cases where the EO prescribed for first block is extended by the Regional Authority subject to payment of composition fee o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notified by DOR) proportionate to duty saved amount on total unfulfilled EO of the first block. 2 5.15 5.15 Monitoring of Export Obligation Authorisation holders shall submit to RA concerned by 30th April of every year, report on fulfillment of export obligation by secured electronic filing using digital signatures/ or hard copy thereof. 5.15 Annual reporting of EO fulfillment Authorisation holders shall submit to the RA concerned by 30th June of every year, a report on fulfillment of export obligation through online. Such a report shall contain details such as Shipping bill/GST invoice number, date of export/supply, description of product exported/suppli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all be deemed to have been enhanced by that proportion. Customs shall automatically allow clearance of such goods without endorsement by RA concerned. The authorization holder shall furnish additional fee to cover excess imports affected, in terms of duty saved amount, to RA concerned, at the time of application for EODC. Export obligation shall automatically stand enhanced proportionately. 4 5.17(d) 5.17 Extension in Export Obligation Period. (d) Request for extension in EO Period shall be made to RA within 90 days from the date of expiry of original EO Period. However, RA may consider the request for extension received up to 180 days with additional composition fee of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orization during a year can be used to offset any shortfall in the Average EO done in other year(s) of the EO period or the block period as the case may be, provided Average EO imposed is maintained on an overall basis, within the EO period. 6 5.22 (a) (b) 5.22 Redemption (a) Authorisation holder shall apply for redemption in ANF 5B with documents prescribed therein as a proof of EO fulfillment. (b) On being satisfied, RA concerned shall issue a certificate of discharge of export obligation to the EPCG authorisation holder and forward a copy to Customs Authorities with whom BG/LUT has been executed. A statement giving details of the documents submitted by the aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed export obligation, he shall pay Customs Duty/taxes/Cess along with applicable interest as prescribed by Customs Authority. Such facility can also be availed by EPCG authorisation holder to exit at his option. Effect of this Public Notice : With a view to enhance ease of doing business and reduce the compliance burden, certain provisions of Chapter 5 related to the Export Promotion Capital Goods Scheme of the Handbook of Procedures (2015-20) are amended for EPCG authorizations issued under Foreign Trade Policy (2015-20). SANTOSH KUMAR SARANGI, Director General of Foreign Trade Ex-officio Addl. Secy. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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