100% EOU
This query is : Resolved
18 June 2010
DEAR SIR,
WE ARE (AN 100% EOU)MANUFACTURER & EXPORTER OF GOLD ORNAMENTS. WE ARE ALSO CLAIMING INCOME TAX EXEMPTION U/S 10B OF INCOME TAX.
CAN WE IMPORT GOLD DUTY FREE ? IF YES, UNDER WHICH SCHEME OF FTP 2009-14 ?
OR FOR THAT MATTER ANY OTHER SCHEME IS AVAILABLE FOR DUTY FREE IMPORT OF GOLD ? WHAT IS THE RATE OF IMPORT DUTY ON GOLD ?
THANKS IN ADVANCE
ANCKOORA.
WE ARE (AN 100% EOU)MANUFACTURER & EXPORTER OF GOLD ORNAMENTS. WE ARE ALSO CLAIMING INCOME TAX EXEMPTION U/S 10B OF INCOME TAX.
CAN WE IMPORT GOLD DUTY FREE ? IF YES, UNDER WHICH SCHEME OF FTP 2009-14 ?
OR FOR THAT MATTER ANY OTHER SCHEME IS AVAILABLE FOR DUTY FREE IMPORT OF GOLD ? WHAT IS THE RATE OF IMPORT DUTY ON GOLD ?
THANKS IN ADVANCE
ANCKOORA.
RAMESH KUMAR VERMA
(Expert)
19 June 2010
DEAR ANCKOORA JI,
liberalised policy for import, Government of India has permitted import of gold by certain nominated agencies viz. MMTC, HHEC, STC, SBI and other agencies authorised by Reserve Bank for sale to jewellery manufacturers, exporters, NRIs, holders of Special Import licences and domestic users [cf. paragraph 6.20 of Exim Policy (2009-2014]. It has, therefore, been decided to permit the nominated agencies/banks to import gold under different arrangements, besides outright purchase on D/P basis.
POLICY 2009-2014, PARA 6.2)F)
(f) Gems and jewellery EOUs may source gold /silver/ platinum through nominated agencies on
loan / outright purchase basis. Units obtaining gold/silver/ platinum from nominated agencies, either on loan basis or outright purchase basis shall export gold/ silver / platinum within 90 days from date of release.
PLEASE GO TO MORE INFORMATION :-
https://www.eouindia.gov.in/epc_cir_054.htm
liberalised policy for import, Government of India has permitted import of gold by certain nominated agencies viz. MMTC, HHEC, STC, SBI and other agencies authorised by Reserve Bank for sale to jewellery manufacturers, exporters, NRIs, holders of Special Import licences and domestic users [cf. paragraph 6.20 of Exim Policy (2009-2014]. It has, therefore, been decided to permit the nominated agencies/banks to import gold under different arrangements, besides outright purchase on D/P basis.
POLICY 2009-2014, PARA 6.2)F)
(f) Gems and jewellery EOUs may source gold /silver/ platinum through nominated agencies on
loan / outright purchase basis. Units obtaining gold/silver/ platinum from nominated agencies, either on loan basis or outright purchase basis shall export gold/ silver / platinum within 90 days from date of release.
PLEASE GO TO MORE INFORMATION :-
https://www.eouindia.gov.in/epc_cir_054.htm
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