Exemption u/s 10B

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Ravi Kumar Rajgaria (Querist)
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15 April 2008 Last week Govt.have announced the extension of exemption limit(one year extra) u/s 10B. Is this for STPs also or only for 100% EOUs? Please guide me.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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15 April 2008 CIRCULAR

Sub: Changes in Foreign Trade Policy 2008

100% EOU

1) Income tax exemption to EOU u/s 10B of Income Tax Act is being extended for one more year.

2) EOU shall be allowed to pay excise duty on monthly basis instead of present system of paying excise duty on clearance. Excise notification is being issued in this regard.
3) The textile and granite sector – if the use of duty paid imported inputs is upto 3% of the FOB Value of export then the payment of only excise duty on DTA sale is applicable.

EPCG

1) Customs duty payable under EPCG scheme reduced to 3% from 5%

2) Prorata enhancement/reduction in CIF value or duty saved amount beyond 10% allowed by Regional Authorities under DGFT

3) Central Excise Dept. to issue installation certificate within 30 days of intimation by importer.

4) EPCG scheme will be EDI from 1st July 2008 and the present system of registration and verification of licenses by customs will be no more.

5) From 1.1.2009, payment of custom duty under the EPCG Scheme can be paid through DEPB License or duty scrip issued under Promotion scheme.

6) The application fee reduced to Rupees 2 per thousand from Rupees 5 per thousand.

DEPB

DEPB scheme extended upto May 2009.

ADVANCE AUTHORISATION

Advance Authorisation will be EDI from 1st July 2008 and the present system of registration and verification of licenses by customs will be no more.

From 1.1.2009, all existing EDI port will be treated as a single port, therefore, there will no requirement for issue of TRA to import goods from other ports.

OTHER

The application fee for IEC is reduced to Rs.250/- from Rs.1,000/-.

The supplementary claim fee reduced to 2% from 10%.

In respect of R& D not registered with Central Excise, the installation certificate issued by independent Chartered Engineers will be accepted.

To claim deemed export benefit, the central excise authority will endorse the supply invoice within 21 days of supply of goods.

The limit of duty free import of samples has been increased to Rs.1,00,000/- from existing Rs.75,000/-.

PS: The excise/customs notification giving effect to the above proposal are expected.

Regards,

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