How do I surrender my EPCG Licence?

How do I surrender my EPCG Licence?

The basic documents required for Closure/redemption of EPCG License are Shipping Bill/Bill of Export, E-BRC, Statement of Average Exports, relevant forms & Declarations, etc. If all the documents for Closure of EPCG License are found to be in order, the DGFT will issue a Redemption/Closure letter.

How do I redeem my EPCG Licence?

If the EPCG authorization holder has fulfilled all the conditions mentioned under the EPCG scheme, then the EPCG holder has to apply to the jurisdictional DGFT office for redemption/closure of the EPCG License. After careful checking, DGFT issues a Redemption Letter, which means that you have completed your obligation.

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 happens if export obligation is not fulfilled?

Penalty for Non-Fulfilment of Export Obligation If the EPCG License holder fails to fulfil the average export obligation in a given period, then he is liable to pay customs duties with 15% interest per year to the customs authority.

How do I fulfill export obligation under EPCG?

Export Promotion Capital Goods (EPCG) scheme allows import of capital goods including spares for pre production, production and post production at zero duty subject to an export obligation of 6 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled in 6 years reckoned from Authorization issue- …

What are the documents required for EPCG Licence?

Documents required for EPCG License The issuing authority is the licensing authority – Director General of Foreign Trade (DGFT). ANF 5B is to be filled along with Self-certified copies of the followings: Import Export Code (IEC) Registration cum Membership Certificate (RCMC)

What is export obligation discharge certificate?

On being satisfied, RA concerned shall issue a certificate of discharge of export obligation to the EPCG authorization holder and send a copy to customs authorities with whom BG/LUT has been executed. RA shall ensure disposal of such applications within 30 days.

What is ANF 5a?

(Application Form for Issuance of EPCG /Post Export EPCG Authorization)

What is invalidation certificate?

RETIREMENT DUE TO INVALIDATION ON MEDICAL GROUNDS. RETIREMENT DUE TO INVALIDATION ON MEDICAL GROUNDS. Invalid pension is granted to an employee, who is by physical or mental infirmity, permanently incapacitated for public service.

What is export obligation period?

My export obligation period is defined for six years from the date of issuance of the authorisation. This six-year period is divided into two blocks, namely, the first block and the second block. The first block period is for the first four years from the date of issuance of the authorisation.

What is EPCG and its objective?

The objective of the EPCG Scheme is to facilitate import of capital goods for producing quality goods and services and enhance India’s manufacturing competitiveness.

What is EPCG scheme and its features?

Features of the EPCG scheme The authorisation holder of the EPCG is allowed to import capital goods at a customs duty of 0% or 3%. The capital goods imported under the EPCG scheme will depend on the actual user condition and until the export obligation is fulfilled, the imported goods cannot be sold or transferred.

What is the EPCG redemption procedure?

EPCG Redemption or EPCG License closure procedure is a mechanism through which the DGFT monitors the fulfillment of the task (export obligation) given to you by the Government.

What is export obligation after EPCG authorization?

This Export obligation are maintained in overall period or extended period of EPCG authorization. This obligation are fixed on 6 times of duty saved on import of capital goods and it will be completed in 6 years period from the date of EPCG authorization issued date.

How to check the status of EPCG license?

To confirm that EPCG License has been closed or not, and to check the redemption status, the license holder or DGFT authorities or customs can also check online. Click on the website given – http://eodc.online/ Enter the EPCG License No. and Click on Submit Button:

What happens if EPCG is not completed?

Exit from Scheme If EPCG authorization holders fails to fulfill export obligation , then they shall pay custom duty + interest prescribed by Customs authority . In case the EPCG authorization holder is not able to complete the export obligation, he shall pay duty of customs with interest and exit from scheme.