Focus market sceheme.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2015
Dear Sir / Madam
We are from corporate sector and having two manufacturing unit.Our H.O. located at Mumbai.we have exported the goods under focus market sceheme,can we utilize the credit lying in this sceheme,for the payment of excise duty at our manufacturing unit ? Please advice.
Thanks,
R.J.Dave.
We are from corporate sector and having two manufacturing unit.Our H.O. located at Mumbai.we have exported the goods under focus market sceheme,can we utilize the credit lying in this sceheme,for the payment of excise duty at our manufacturing unit ? Please advice.
Thanks,
R.J.Dave.
16 April 2015
Mr Dave Ji,
kindly noted thatDuty Credit Scrip can also be utilised for payment of Excise Duty on domestic procurement of such items as permitted to be imported under respective scheme.
Additional customs duty/excise duty paid in cash or through debit under Duty Credit Scrip shall be adjusted as CENVAT Credit or Duty Drawback as per Department of Revenue rules, except under SFIS.
Duty Credit Scrip can be utilised for payment of duty in case of import of capital goods under lease financing in terms of provision in Para 2.25 of FTP.
Duty Credit Scrip can also be utilised / debited for payment of Custom Duties in case of Export Obligation (EO) defaults for Authorizations issued under Chapters 4 and 5 of this Policy. However, penalty / interest shall be required to be paid in cash.
Please Read Para 3.17.5 of foreign trade policy 2009-2014
"Duty Credit Scrip may be used for import of inputs or goods including capital goods, provided same is freely importable and / or restricted under ITC(HS).However, import of items listed in Appendix 3 7B of HBPv1 shall not be permitted to be debited.
Duty Credit Scrips under Chapter 3 of FTP can also be utilized for payment of duty against imports under EPCG scheme provided the item is importable against the scrip.
Para CENVAT / Drawback 3.17.6 of ftp 2009-2014 " Additional customs duty/excise duty paid in cash or through debit under Duty Credit scrip shall be adjusted
as CENVAT Credit or Duty Drawback as per DoR rules,except under SFIS."
Regards,
ramesh kumar
exim consultants
kindly noted thatDuty Credit Scrip can also be utilised for payment of Excise Duty on domestic procurement of such items as permitted to be imported under respective scheme.
Additional customs duty/excise duty paid in cash or through debit under Duty Credit Scrip shall be adjusted as CENVAT Credit or Duty Drawback as per Department of Revenue rules, except under SFIS.
Duty Credit Scrip can be utilised for payment of duty in case of import of capital goods under lease financing in terms of provision in Para 2.25 of FTP.
Duty Credit Scrip can also be utilised / debited for payment of Custom Duties in case of Export Obligation (EO) defaults for Authorizations issued under Chapters 4 and 5 of this Policy. However, penalty / interest shall be required to be paid in cash.
Please Read Para 3.17.5 of foreign trade policy 2009-2014
"Duty Credit Scrip may be used for import of inputs or goods including capital goods, provided same is freely importable and / or restricted under ITC(HS).However, import of items listed in Appendix 3 7B of HBPv1 shall not be permitted to be debited.
Duty Credit Scrips under Chapter 3 of FTP can also be utilized for payment of duty against imports under EPCG scheme provided the item is importable against the scrip.
Para CENVAT / Drawback 3.17.6 of ftp 2009-2014 " Additional customs duty/excise duty paid in cash or through debit under Duty Credit scrip shall be adjusted
as CENVAT Credit or Duty Drawback as per DoR rules,except under SFIS."
Regards,
ramesh kumar
exim consultants
Message likes :
1 times
17 April 2015
thanks........you can here any query eminent experts will assist and resolved of queries
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Rental income of jointly held property
- Average Cost Of High Quality Diamonds
- Difff in ais receipts and gst turnover
- Banking Related Issue
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
