Table of Contents
What is Deec scheme?
DEEC (Duty Exemption Entitlement Certificate) is an Export Promotion Scheme, which enables duty free import of inputs required for manufacture of export goods. Advance Licences are issued on pre-export or post-export basis and are subject to fulfillment of time bound export obligation.
What does advance license mean?
An Advance Licence is issued as a duty exemption scheme. A Duty Remission Scheme enables post export replenishment/ remission of duty on inputs used in the export product. Duty remission schemes consist of (a) DFRC (Duty Free Replenishment Certificate) and (b) DEPB (Duty Entitlement Passbook Scheme).
What is advance Authorisation scheme?
The Advance Authorization Scheme is a scheme where the import of inputs will be allowed to be made duty-free (after making normal allowance for wastage) if they are physically incorporated in a product which is going to be exported. An export obligation is usually set as a condition for issuing Advance Authorization.
What is the duty drawback scheme?
Overview. The Duty Drawback Scheme allows exporters to get a refund on customs duty paid on imported goods, where those goods are: to be treated, processed, or incorporated in other goods for export, or. are exported unused since importation.
What is EOU in export?
INTRODUCTION. EOU (export oriented unit) scheme is one of the export promotion schemes of Govt of India and is in existence since 1980. ▶ Under this scheme, manufacturing or service sector units are allowed to be set up. with the objective of exporting entire production of goods manufactured or services.
How does advance license work?
ADVANCE LICENCE. An Advance Authorisation Scheme allows duty free import of inputs, which are physically incorporated in export product (making normal allowance for wastage). In addition, fuel, oil, energy, catalysts which are consumed / utilised to obtain export product are also allowed.
Advance License Procedure
- Step 1 – Make a list of all the raw materials required for duty-free Import.
- Step 2 – Application for Advance License at DGFT.
- Step 3 – Registration of Advance License at Customs.
- Step 4 – Import Raw Materials/Inputs Duty-free.
- Step 5 – Export Obligation under Advance Authorisation Scheme.
Who is eligible for EPCG scheme?
1 Who are eligible to avail of the EPCG Scheme? A. The manufacturers, Exporters and Merchant Exporters are eligible to avail of this Scheme. Q.
What is EPCG invalidation?
EPCG scheme and Invalidation facility As per GST Law, invalidation facility is available on EPCG schemes, but applicable GST would need to be paid while making local procurement, using an invalidation letter. Input Tax Credit (ITC) of the GST paid on such local procurement can be availed as per CGST Rules 2017.
What is difference between Dfia and advance Authorisation?
DFIA is a variant to Advance Authorization scheme. It is different from Advance Authorization as a higher minimum value addition of 20% is required, as compared to only 15% in Advance Authorization. It is popular with exporters who export first and then obtain the Authorization, which can be sold freely.