This Tax Alert summarizes a recent Notification and Public Notice [1] issued by the Directorate General of Foreign Trade (DGFT) extending Foreign Trade Policy 2015-2020 (FTP) by further six months.
The validity of FTP
and Handbook of Procedures (HBP) was earlier extended from time to time till 31
March 2022.
Vide recent notification
and public notice, the validity of FTP and HBP is further extended by six
months i.e., from 31 March 2022 to 30 September 2022. The validity of status
certificate expiring on 31 March 2022 is also extended till 30 June 2022.
Further, Central
Board of Indirect taxes and Customs (CBIC) has also extended the exemption from
payment of integrated tax and compensation cess on imports made under Advance
Authorisation (AA) and Export Promotion Capital Goods (EPCG) scheme from 31 March
2022 to 30 June 2022 [2].
A similar extension
is also given for imports made by Export Oriented Units, Electronic Hardware
Technology Parks, Software Technology Parks and Bio-Technology Parks [3].
Government has also made the provisions of section 51A of
Customs Act, 1962 effective from 1 June 2022. The said provision was inserted
vide Finance Act, 2018 and deals with electronic cash ledger which can be used
for payment of duty, interest penalty, fee and any other amount payable under
Customs. Further, Customs (Electronic Cash Ledger) Regulations, 2022 has also
been prescribed in this regard [4].
[1] Notification no. 64/2015-2020 and Public Notice no.
53/2015-2020 dated 31 March 2022
[2] Notification no. 19/2022 - Customs dated 31 March
2022
[3] Notification no. 18/2022 – Customs dated 31 March
2022
[4] Ministry of Finance notification no. [F. No.
442/02/2017-Cus IV (Pt)] and CBIC Notification no. 19 and 20/2022-Customs (NT)
dated 30 March 2022
No comments:
Post a Comment