In the aim to reduce the Compliance Burdern and enhance “Ease of doing Business” DGFT, has amended various procedure under Chapter 5 of the FTP for the EPCG Scheme.
The Public Notice No. 15/2024-25 Dated 25.07.2024 applicable from immediate effect will assist and ease lot of procedural challenges for EPCG Licence holders.
The key points of the Public Notice are as below:
1. Amendment to HB Para 5.04 (a) now allows EPC Authorisation holder to submit Installation Certificate within 3 years from date of completion of import instead of 6 months earlier.
2. In case of further delay in submission beyond 3 years, RA may allow extension of period of submission with a composition fee of Rs. 10,000/- per year within the EO Period.
3. The Installation Certificate submission period for Import of Spares under HB Para 5.04(b) has been now deleted.
4. In focus of ease of doing business, the Block Extension composition fees which were 2% of the unfulfilled portion of EO and some late fee has been changed with a fixed fee structure on the basis of Duty Saved Value of EPCG Authorisation ranging from Rs. 5,000 to Rs. 45,000 at max.
5. Similarly, EO Period Extension beyond 6 years from the date of expiry has been now allowed with a fixed fee structure on the basis of the Duty Saved Value instead of the 2% of unfulfilled portion.
6. These new provisions also apply to EPCG Authorisations issued under FTP 2015-2020.
Thus, EPCG Authorisation Holders will now have much more ease in compliances under the scheme and the Block and EO Extensions would be endorsed faster reducing time and compliance efforts.
All EPCG Authorisation holders must refer the details in the Public Notice and take the necessary benefit.
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