The value of the goods for the calculation of the customs credits permitted under the scheme is the value of the declared ship export cargo (FOB) or up to 1.5 times the market price of the goods, whichever is less, to the revenue sector. It will be a notification of. Said.
Customs duty deductions are issued in lieu of any duty or tax or surcharge exemption imposed on materials used in the manufacture or processing of goods for export, such tax exemption, exemption under other schemes. , Or if not deducted, added.
The Ministry of Finance of India has notified the procedure for issuing tariff credits on goods exported under the Customs and Tax Exemption (RoDTEP) scheme for exported goods. Prices for 8,555 products such as produce and leather were announced at Rod TEP last August. This year’s scheme reserves Rs 12,454 for refunds.
“This will inform the central government of how to issue tariff credits on goods exported under the customs duty and tax exemption system on exported goods … subject to specified conditions and restrictions.” The notice states.
Under this, various central and state tariffs, taxes, and surcharges levied, among other things on input products, are refunded to the exporter.
Also, tariff credits based on export schemes to Nepal, Bhutan and Myanmar will only be granted upon realization of the sale price for irrevocable letters of credit set by importers in these countries in favor of Indian exporters. Stated. Of such goods.
The Customs Director or Customs Director added that after the inquiry, the exporter could pass an order to revoke the customs credit or electronic script if he violated any provision of the law.
“If for some reason the exporter is granted an amount of customs credit granted beyond his rights, the exporter will pay interest on such permitted amount, either by himself or by the appropriate officer, upon request. I will repay it with … “.
Fiber2Fashion News Desk (DS)
Indian Ministry will notify the procedure of goods exported under Rod TEP
Source link Indian Ministry will notify the procedure of goods exported under Rod TEP