Dear Sir,
We have imported Gas Base Gen Set (capital goods) under EPCG Scheme in 2011 now due not viablity due increase in gas price these gen set lying ideal and we want to export to other country we have fulfilled 60% export obligation. now we ready to pay pro rata duty with interest for unfullfilled export obligation.
can we do the same if yes please briefly inform the procedure
Company Seeks to Export Unviable Gen Set, Willing to Pay Pro Rata Duty Under Section 74 of Customs Act 1962 A company imported a Gas Base Gen Set under the EPCG Scheme in 2011 but now finds it unviable due to increased gas prices and seeks to export it. Having fulfilled 60% of their export obligation, they are willing to pay pro rata duty with interest for the unfulfilled part. They inquire about the procedure for exporting the goods. It is advised that they can re-export under Section 74 of the Customs Act, 1962, after obtaining permission from the Board, though they will not receive a duty drawback. They must submit an application to CBE&C, which may impose conditions to protect revenue. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
