TaxTMI 
TaxTMI 
Concessional Customs duty of 10% on capital goods, components & spares thereof imported under EPCG scheme - EXIM Policy 1997-2002
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....hich is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as is in excess of the amount calculated at the rate of 10% ad valorem and from whole of the additional duty leviable thereon ^2[ under sub-sections (1), (3) and (5) of section 3 ] of the said Customs Tariff Act, subject to the following conditions, namely:- (1) The goods imported are covered by a valid licence issued under the Export Promotion Capital Goods (E.P.C.G.) Scheme in terms of Export and Import Policy (hereinafter referred to as the said policy) permitting import on payment of duty of Customs at the rate of 10% and the said licence is produced for debit by the proper officer of the customs at the time of cle....
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....riod as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may allow, evidence to the satisfaction of the Assistant Commissioner of Customs or Deputy Commissioner of Customs showing the extent of export obligation fulfilled, and where export obligation of any particular year is not fulfilled in terms of the preceding condition, the importer shall within three months from the expiry of the said year pay an amount equal to that portion of the duty leviable on the goods but for the exemption contained herein which bears the same proportion as the unfulfilled portion of the export obligation bears to the total export obligation together with interest at the rate of [fifteen per cent] per annum from the date of clearance of ....
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....ther person whose name and address are endorsed on the licence referred to in condition (1) and where the bond for full difference of duty, if necessary, in terms of condition (2) with a Bank Guarantee is executed by the importer and such other person binding themselves jointly and severally to fulfil the export obligation and all other conditions of this notification and to pay duty with interest in case of default; Provided further that in case of importers rendering services not required to be registered with Central Excise authorities, a certificate from independant Chartered Engineer confirming the installation and use of capital goods in the importer's premises may be produced. (6) Notwit....
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.... default in export obligation, when the duty on goods is paid to regularise the default, the amount of interest paid by the importer shall not exceed the amount of duty if such regularisation has been dealt in terms of Public Notice of the Government of India in the Ministry of Commerce No. 22 (RE-2013)/2009-2014 dated the 12^th August, 2013. ] TABLE S.No. Description of goods (1) (2) 1. Capital goods. 2. Capital goods in SKD/CKD condition to be assembled into capital goods by the importer. 3. Components of capital goods required for assembly or manufacture of capital goods by the importer. 4. Spare parts not exceeding 20% of the value of goods specified at serial Nos. 1,2 and 3 as actually imported an....
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....f supplies of such products in terms of clauses (a), (b), (d), (f) and (g) of paragraph 10.2 of the Export and Import Policy. (b) in relation to importers rendering services, means receiving payments in freely convertible foreign currency for services rendered through the use of such capital goods; and (c) means, export of goods in terms of the notification of the Government of India in the Ministry of Commerce and Industry (Department of Commerce) No.28(RE-2003)/2002-2007, dated the 28th January, 2004. -------------------------------------------------- Notes:- [(As amended by Notifications) No. 8/98/-Cus, dated 23-4-1998; No. 33/98-Cus, dated 9-6-1998; No. 42/98-Cus, dated 30-6-1998; No. 75/98....