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TMI BlogImportant FTP provisions in the context of the implementation of the GST regime applicable w.e.f. 01.07.2017X X X X Extracts X X X X X X X X Extracts X X X X ..... rade procedures 2015-20 should be read as "Jurisdictional Customs Authority". Chapter 2: * Changes in IEC notified through Trade Notice No.09/2018 dated 12.06.2017 Chapter 3 : * The Duty Credit Scrips (issued under Chapter 3 of the FTP) cannot be used for payment of IGST and GST compensation cess in imports, and CGST, SGST, IGST and GST compensation cess for domestic procurement. Chapter 4: * Under the GST regime, no exemption from payment of Integrated GST and Compensation Cess would be available for imports under Advance Authorisation. * Importers would need to pay IGST and take input tax credit as applicable under GST rules. * However, imports under Advance Authorisation would continue to be exempted from payment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duty of customs specified under the First Schedule to the Customs Tariff Act, 1975 (BCD) enabled by Notification no. 52/2003 - Cus. But such goods would attract integrated tax and compensation cess leviable under sub- section (7) and (9) of the said Act. The taxes so paid on imports will be neutralized by ITC. The import of goods covered under Fourth Schedule of the Central Excise Act would be exempted from the whole of the duty of customs specified under the First Schedule to the Customs Tariff Act, 1975 (BCD) and also from the additional duty leviable under sub- sections (1),(3) and (5) of section (3) of the said Act (CVD & SAD) enabled by Notification no. 52/2003 - Cus. * Domestic procurements: For the indigenous procurement of goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rationalization of GST: * Advance Authorization benefits under Chapter 4 shall be available for supplies under Chapter-7. The duty exemption benefits under AA would be limited to exemption from basic custom duty only. The exemption for items under Central Excise would be available for the items which continue under Schedule 4 of Central Excise Act, 1944 provided the items are eligible under the Advance Authorization. * Deemed Export Drawback: The drawback as provided under Chapter 7 would be limited to the refund of basic custom duty only. In respect of eligible items covered under Schedule 4 of Central Excise Act, 1944 refund would also be covered under the drawback provided the item is eligible for such supply. * The TED refund : TE ..... X X X X Extracts X X X X X X X X Extracts X X X X
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