Vkguy licence
This query is : Resolved
Rahul Jain
(Querist)
11 February 2015
What products can we import against the Duty Credit of VKGUY Licence. Is it for any product or only products related to Export against which the licence was issued
RAMESH KUMAR VERMA
(Expert)
13 February 2015
Mr. Rahul,
The Duty Credit may be used for import of inputs or goods including capital goods, provided the same is freely importable under ITC (HS).
further noted :-
Notification Nos. 29/2012-Central Excise to 33/2012-Central Excise all dated 9.7.2012 allow duty credit scrips issued under FPS, FMS, AIIS (under VKGUY), VKGUY and SHIS schemes to be used for domestic procurement, subject to the conditions laid down therein which have been provided keeping in view, inter alia, the transferability/limited transferability of these scrips. It has also been provided that the holder of the scrip, to whom the goods are cleared under these Central Excise notifications, shall be entitled to avail the drawback or Cenvat credit of duties of excise leviable against the amount debited in the scrip and validated at the time of clearance. These notifications reflect para 3.17.5 (c) of FTP. The Notification No. 44/2012-Customs dated 9.7.2012 makes consequential changes in the notifications issued with respect to these scrips for imports.
The Duty Credit may be used for import of inputs or goods including capital goods, provided the same is freely importable under ITC (HS).
further noted :-
Notification Nos. 29/2012-Central Excise to 33/2012-Central Excise all dated 9.7.2012 allow duty credit scrips issued under FPS, FMS, AIIS (under VKGUY), VKGUY and SHIS schemes to be used for domestic procurement, subject to the conditions laid down therein which have been provided keeping in view, inter alia, the transferability/limited transferability of these scrips. It has also been provided that the holder of the scrip, to whom the goods are cleared under these Central Excise notifications, shall be entitled to avail the drawback or Cenvat credit of duties of excise leviable against the amount debited in the scrip and validated at the time of clearance. These notifications reflect para 3.17.5 (c) of FTP. The Notification No. 44/2012-Customs dated 9.7.2012 makes consequential changes in the notifications issued with respect to these scrips for imports.
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