Epcg zero duty surrender before 6 years with partial eo
This query is : Resolved
26 April 2019
Hello there,
We are importing machined and we have total duty saved amount of 4.30 Cr.
From that arround 3.60 Cr is IGST amount and other is basic duty + cess.
Now i have 2 questions in mind.
1:- As our product is not export much and we can get more value of product in india. So if we want to surrender licence after 2 years with 30% of completed export of EO amount as we know that we are not able to export.
---> Is that possible?
---> What amount of duty and interest + penalty at time of surrender?
2:- If question 1 is possible then can we get set-off of IGST amount that we pay after surrender of licence?
If all question a accepted can you please give me link of government notification link.
Thanks waiting for reply.
We are importing machined and we have total duty saved amount of 4.30 Cr.
From that arround 3.60 Cr is IGST amount and other is basic duty + cess.
Now i have 2 questions in mind.
1:- As our product is not export much and we can get more value of product in india. So if we want to surrender licence after 2 years with 30% of completed export of EO amount as we know that we are not able to export.
---> Is that possible?
---> What amount of duty and interest + penalty at time of surrender?
2:- If question 1 is possible then can we get set-off of IGST amount that we pay after surrender of licence?
If all question a accepted can you please give me link of government notification link.
Thanks waiting for reply.
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