doubt regarding TED
This query is : Resolved
29 December 2008
hai
when we purchase any machinery under EPCG LIC., the excise duty will be refunded, why it is done like that ?
In case of import no duty will be refund ?
can anyone clarify the above ?
regards
k.ravi
when we purchase any machinery under EPCG LIC., the excise duty will be refunded, why it is done like that ?
In case of import no duty will be refund ?
can anyone clarify the above ?
regards
k.ravi
Rajesh Kumar
(Expert)
07 January 2009
At the time of import only 5% custom duty is required to be paid. CVD (equivalent to central excise duty) is completely exempted.
When such cpaital goods is purchased from a domestic supplier, after invalidation of EPCG license, only excise duty is payble- which is refunded as refund of terminal excise duty under Chapter 8 of Foreign Trade Policy.
When such cpaital goods is purchased from a domestic supplier, after invalidation of EPCG license, only excise duty is payble- which is refunded as refund of terminal excise duty under Chapter 8 of Foreign Trade Policy.
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