DGFT extends the existing Foreign Trade Policy 2015-2020 up to March 31, 2021

Apr 01, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Directorate General of Foreign Trade (DGFT) on March 31, 2020 extends the existing Foreign Trade Policy 2015-2020 (FTP 2015-2020) upto March 31, 2021.

For extension, DGFT made following amendments, namely:

Ø  In Para 1.01 which specifies duration of FTP: FTP duration has been extended to March 31, 2021 instead of March 31, 2020.

Ø  In para 3.08(a) which specifies the eligibility criteria for export of notified services from India under Service Exports from India Scheme (SEIS), the following shall be added: which specifies that service categories and the rates of reward rendered with effect from April 01, 2019 to March 31, 2020 will be notified separately in Appendix 3X and if rendered with effect from April 01, 2020, decision on continuation of the Scheme will be taken subsequently and notified accordingly by the authorities.

Ø  In para 4.14 which specifies details of duties exempted, last line is substituted, namely: Imports against Advance Authorisations for physical exports are exempted from Integrated Tax and Compensation Cess upto 31.03.2021 only.            

Ø  In para 4.29(viii) which specifies procedure for validity and transferability of Duty-Free Import Authorisation (DFIA), the sentence has been inserted which says that validity of DFIA will extends automatically by six months from the date of expiry (February 01, 2020 and July 31, 2020).

Ø  In para 5.01 (a) which specifies Export Promotion Capital Goods (EPCG) Scheme, the exemption to capital goods imported under EPCG Authorisation for physical exports from Integrated Goods and Services tax and Compensation Cess has been extended upto March 31, 2021.

Ø  In Para 5.01(c) which specifies the export obligation, the sentence has been inserted which extends the validity period of import for further period of 6 months from the date of expiry (February, 2020 to July 31, 2020).

Ø  In Para 6.01 (d) (ii) which specifies procedure for export and import of goods, the imports and / or procurements has been exempted from payment of integrated tax and compensation cess upto March 31, 2021.

[Notification No. 57/2015-2020]


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