The Directorate General of Foreign Trade (DGFT) notified the amendment in Foreign Trade Policy 2015-2020.
The existing Foreign Trade Policy 2015-2020 which was valid upto March 31, 2021, is extended upto September 30, 2021.
The Foreign Trade Policy (FTP), 2015-2020, incorporating provisions relating to export and import of goods and services, shall come into force with effect from the date of notification, and instead of remaining in force up to 31st March 2021 will be enforced till 30 September 2021, unless otherwise specified. All exports and imports made up to the date of notification shall, accordingly, be governed by the relevant FTP, unless otherwise specified.
Imports under Advance Authorisation are exempted from payment of Basic Customs Duty, Additional Customs Duty, Education Cess, Anti-dumping Duty, Countervailing Duty, Safeguard Duty, Transition Product Specific Safeguard Duty, wherever applicable. Import against supplies covered under paragraph 7.02 (c), (d), and (g) of FTP will not be exempted from payment of applicable Anti-dumping Duties, Countervailing duties, Safeguard duties, and Transition Product Specific Safeguard Duty, if any. However, imports under Advance Authorisation for physical exports are also exempt from the whole of the integrated tax and Compensation Cess leviable under sub-section (7) and sub-section (9) respectively, of section 3 of the Customs Tariff Act, 1975 (51 of 1975), as may be provided in the notification issued by Department of Revenue, and such imports shall be subject to pre-import condition. Imports against Advance Authorisations for physical exports are exempted from Integrated Tax and Compensation Cess up to September 31, 2021, only.
The EPCG Scheme allows the import of capital goods for pre-production, production, and post-production at Zero customs duty. Capital goods imported under EPCG Authorisation for physical exports are also exempt from IGST and Compensation Cess up to September 30, 2021, only.
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