CBIC extends the exemption from Integrated Tax and Compensation Cess on goods imported against AA or EPCG authorizations

Apr 01, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Central Board of Indirect Taxes and Customs (CBIC) on March 30, 2020, extends the exemption from Integrated Tax and Compensation Cess upto March 31, 2021 on goods imported against Advance Authorization (AA) / Export Promotion Capital Goods (EPCG) authorizations.

For above mentioned extension, CBIC amends certain Notifications, namely:

S. No.

Notification number and date

Amendments

(1)

(2)

(3)

1

16/2015-Customs, dated April 01 2015, regarding implementation of EPCG Scheme under FTP 2015-2020.

The proviso of clause (iii) has been substituted, namely:

the whole of integrated tax and the goods and services tax compensation cess leviable thereon under section 3 (7) and (9) of the Customs Tariff Act, which specifies the Levy of additional duty equal to excise duty on article imported in India:

Provided that the exemption from integrated tax and the goods and services tax compensation cess shall be available up to March 31, 2021.

2

18/2015-Customs, dated April 01, 2015, regarding implementation of Advance AuthorisationScheme under FTP 2015-2020.

Condition (xiii) has been substituted, namely:

that the exemption from integrated tax and the goods and services tax compensation cess leviable thereon under section 3 (7) and (9) of the Customs Tariff Act shall be available up to March 31, 2021.

3

20/2015-Customs, dated April 01 2015, regarding implementation of Advance Authorisation Scheme for annual requirement under FTP 2015-2020

Condition (xiv) has been substituted, namely:

that the exemption from integrated tax and the goods and services tax compensation cess leviable thereon under section 3 (7) and (9) of the Customs Tariff Act shall be available up to March 31, 2021.

4

22/2015-Customs, dated April 01 2015, regarding implementation of Advance Authorisation Scheme for export of prohibited goods under FTP 2015-2020

Condition (xiii) has been substituted, namely:

that the exemption from integrated tax and the goods and services tax compensation cess leviable thereon under of section 3 (7) and (9) of the Customs Tariff Act shall be available to goods imported up to March 31, 2021.

5

45/2016-Customs, dated August 13, 2016 which is related to Exemption for import of fabrics under Special Advance Authorization Scheme under para 4.04A of FTP 2015-20 for manufacture and export of garments

Condition (xii) has been substituted, namely:

(xii) the exemption from integrated tax leviable and the goods and services tax compensation cess leviable thereon under section 3 (7) and (9) of the Customs Tariff Act shall be available up to March 31, 2021.

 [Notification No. 18/2020- Customs]


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