The amnesty programme for traders who violated their export obligations under the Advance and EPCG authorisation scheme has been put into effect by the finance ministry. According to the amnesty programme, which was published in the Foreign Trade Policy on March 31, EXIM traders who did not fulfil their export obligations under the Advance and EPCG (export promotion for capital goods) authorisation scheme may make amends by paying customs duty and interest, up to a maximum of 100%, in order to clear their names.
The Directorate General of Foreign Trade (DGFT) is where exporters should be registered before contacting them to pay duties or other obligations, according to the Central Board of Indirect Taxes and Customs (CBIC).
These instances covered by the programme should be tracked and monitored to ensure effective handling and swift and seamless settlement of these previous cases of bona fide default,” the CBIC stated in a statement dated May 17.If the bearer of the authorization decides to use this programme, they must finish paying their customs duties by September 30th, 2023.
The circular reiterates the government’s aim to resolve ongoing issues, according to Abhishek Jain, National Head of Indirect Taxes at KPMG. Ground officers are also given the same message, with a focus on swift resolution of disputes.
