The government on Thursday eased certain norms for licence holders of the Export Promotion Capital Goods scheme as part of its ease of doing business efforts. The EPCG scheme facilitates import of capital goods for producing quality goods and services and enhances India's manufacturing competitiveness. It allows import of capital goods for pre-production, production and post-production at zero customs duty.
The duty benefit is subject to meeting export obligations.
"With a view to enhance ease of doing business and reduce the compliance burden, certain provisions of chapter 5 related to the EPCG Goods scheme of the Handbook of Procedures, 2023 are amended for EPCG authorisations issued under the foreign trade policy," the Directorate General of Foreign Trade (DGFT) said in a public notice.
As per the changes, the licence /authorisation holder can now submit the certificate from customs authorities confirming installation of the machines within three years (earlier it was six months) from the date of completion of the imports.
Source Name : Economic Times