TMI BlogNil Customs duty & 10% additional duty on Captial goods, components & spares imported against an EPCG Licence - EXIM Policy 1992-97X X X X Extracts X X X X X X X X Extracts X X X X ..... hereon which is specified in the First Shcedule to the Customs Tariff Act, 1975 (51 of 1975) and so much of the additional duty leviable thereon 2 [ under sub-sections (1), (3) and (5) of section 3 ] of the said Customs Tariff Act, as is in excess of the amount calculated at the rate of 10% of the value of goods: Provided that where the said goods are required for the manufacture of leather garments, textile garments (including knitwears), agro products and products of horticulture and floriculture and poultry such goods shall be exempt from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act. 2. The exemption contained in paragraph 1 shall be subject to the following conditions, namel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 2nd year NIL 2. Block of 3rd and 4th year 15% 3. Block of 5th and 6th year 35% 4. Block of 7th and 8th year 50% Provided that where the CIF value of licence is not less than ₹ 100 crores, the export obligation shall be fulfilled within a period of 12 years from the date of issue of licence in the following proportions, namely:- S.No. Period from the date of issue of Licence Proportion of Total Export Obligation 1 2 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for the exemption contained herein which bears the same proportion as 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. (5) The importer, shall, if he fails to discharge a minimum of 25% of the export obligation prescribed for any particular block of two years for two consecutive blocks, be liable to pay forthwith, the whole of the duties of customs leviable on the goods imported but for the exemption contained in this notification together with interest at the rate of 15% per annum from the date of clearance of the goods. (6) The importer shall, if he fails to import goods for a minimum value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovided that in respect of licence holder units affected by the earthquake in the State of Gujarat in the month of January 2001, the Licensing Authority may grant extension in the overall period of export obligation up to one more year: Provided further that in case of a license holder unit referred to in the first proviso, having overall export obligation period of 13 years and in case of other licence having export obligation period of 12 years, extension of overall period of export obligation shall not be allowed. 1 [3. In a case of default in export obligation, when the duty on goods is paid to regularise the default, the amount of interest paid by the importer shall not exceed the amount of duty if such regularisation has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt Policy 1 April, 1992- 31 March, 1997 (Revised edition : March 1995) published vide notification of the Government of India in the Ministry of Commerce, No.1(RE.95)/92-97 dated the 31st March, 1995; (3) Licensing Authority means the Director General, Foreign Trade appointed under section 6 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) or an officer authoirsed by him to grant a licence under the said Act; (4) Omitted (5) export obligation means- (i) export to a place outside India of products manufactured with the use of capital goods imported, assembled or manufactured in terms of this notification or making of supplies of such products in terms of clauses (a), (c), (e), (f) and (i) of paragraph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8-1-2004; and No. 65/2004-Cus, dated 22-6-2004.]. 1. Inserted vide Notification No. 46/2013-Customs dated September 26, 2013. 2. Substituted vide Not. 26/2017 - Dated 29-6-2017 , 1st day of July, 2017 , before it was read as. under section 3 3. Substituted vide Not. 26/2017 - Dated 29-6-2017 , 1st day of July, 2017 , before it was read as. (7) The capital goods imported, assembled or manufactured are installed in the importer's factory or premises and a certificate from the jurisdictional Assistant Commissioner of Central Exciseor Deputy Commissioner of Central Excise or independent Chartered Engineer, as the case may be, is produced confirming installation and use of capital goods in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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