DGFT notifies Condonation of delay in Submission of Installation Certificate under EPCG Scheme with Late of Rs. 10,000 till 31st Dec 2023
DGFT – notifies – Condonation – delay – Submission – Installation – Certificate – EPCG – TAXSCAN
DGFT – notifies – Condonation – delay – Submission – Installation – Certificate – EPCG – TAXSCAN
The Directorate General of Foreign Trade (DGFT) has notified the condonation of delay in submission of installation certificate under EPCG Scheme to promote Ease of doing Business through vide public notice no. 22/2023 on 13th July 2023.
In accordance with the authority granted under Paragraphs 1.03 and 2.04 of the Foreign Trade Policy, 2023, as periodically amended, the Director General of Foreign Trade, acting in the interest of the public, hereby introduces the following procedural relaxation regarding the acceptance of installation certificates under the EPCG Scheme for authorizations issued under FTP, 2009-14, and FTP, 2015-20 (extended until March 31, 2023).
In the context of the EPCG Scheme, individuals holding authorizations are obligated to submit an installation certificate to the Regional Authority (RA) within the specified timeframe, verifying the successful installation of capital goods.
The DGFT has received numerous requests from authorization holders seeking leniency for delays in submitting the installation certificate to the RA, surpassing the prescribed time limit.
The matter has been carefully reviewed and a decision has been reached. In order to provide some leniency in the procedure, the RAs are now permitted to accept installation certificates until December 31, 2023, for the purpose of regularization.
However, this acceptance is contingent upon the payment of a late fee of Rs. 10,000/- per authorization (in addition to the composition fee, if applicable). The following conditions apply:
- The authorizations have been issued under FTP, 2009-14 and FTP, 2015-20.
- The installation certificate was obtained within the prescribed period but the same could not be submitted to the RA within time.
- The authorization holder has given bonafide reasons for delay in submission of installation certificate to RA.
- The subject EPCG authorization is not under investigation/adjudicated by RA/Customs authority/any other investigating agency.
To Read the full text of the Order CLICK HERE
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
