Please Help: EPCG
Posted Date : 24-May-2012 , 11:29:23 am | Posted By ashok modi
One of our client bought mc under EPCG scheme, but cant fulfill the export obligation in time and want to deposit the DUTY PLUS INTEREST confirm rate of interest and under which head of custom the same may be deposited or the time period can be extended
Category : Custom | Answers : 1 | Comments : 2 | Hits : 567
Answers
Answer By: Krishna Chandra Santi
Interest on duty @ 18% p.a.
Comments
Rishabh Upadhyay
24-May-2012 , 12:05:51 pmHi Ashok, here is what i find relevent to your query: that the importer produces within 30 days from the expiry of each block from the date of issue of authorization or within such extended period as the Deputy Commissioner of Customs or Assistant Commissioner of Customs may allow, evidence to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs showing the extent of export obligation fulfilled, and where the export obligation of any particular block is not fulfilled in terms of the preceding condition, the importer shall within three months from the expiry of the said block pay duties of customs equal to an amount which bears the same proportion to the duties leviable on the goods, but for the exemption contained herein, which the unfulfilled portion of the export obligation bears to the total export obligation, together with interest at the rate of 15% per annum from the date of clearance of the goods;
Rishabh Upadhyay
24-May-2012 , 12:06:11 pmkindly refer to Notification No. 103/2009-Customs dated the 11.9.2009 Exemption notification for Export Promotion Capital Goods (EPCG) under 3% customs duty