EPCG LICENSE SUBMISSION / CLOSER

Others 191 views 3 replies

ADITYA RATHORE

Accounts Executive

24 Points Joined February 2020

Dear Sir,

we have imported an machine in 2014-15 through EPCG license & export the material. Export Obligation was Rs.2111676.00 which already achieved in 2016-17.

Due to lack of knowledge our old staff forgot to obtained Installation Certificate from chartered engineer, please confirm

1.) Can i submit closer documents with current dated installation certificate (EA already achieved in 2016-17)

2.) Is there any penalty or any other way to submit EPCG documents for closer of license.

Note: EPCG Certificate valid till Aug-20

Replies (3)

Rama chary Rachakonda

Master in Accounts & high court Advocate

8979 Points Joined December 2011

The importer has to approach for EPCG license from licensing authority – Director General of Foreign Trade (DGFT). Application for EPCG with necessary supporting documents is filed with DGFT. Based on the amount of import duty exemption, the value addition is fixed up and export obligation has to be fulfilled accordingly. If you could not complete the export obligation in time specified by licensing authority, you may be permitted to get extended the export obligation period for further period of time. However, if you have already finished export obligation, you can sell the manufactured goods locally also in domestic tariff area (DTA).