DGFT Error: Excess Duty Credit Granted at 10% Instead of 5% Under Served From India Scheme, Pre-2009 Policy Applies.

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DGFT Error: Excess Duty Credit Granted at 10% Instead of 5% Under Served From India Scheme, Pre-2009 Policy Applies.

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....Served From India Scheme - grant of excess duty credit - as per Joint Director (DGFT) they inadvertently computed the credit at 10% instead of 5% - Needless to say financial year qua a revenue enactment/policy is always understood to mean the 1st of April of the relevant year till the 31st of March of the year to follow. In the present case, no doubt the Foreign Trade Policy for the period 2009 to 2014 has come into effect only on 27.08.2009, and there is also a categoric stipulation in Clause 1.2 which deals with duration of the policy, that all exports and imports upto 26.08.2009 shall be governed only by the terms of the previous policy which prescribes the rate of 5% only - HC....

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DGFT Error: Excess Duty Credit Granted at 10% Instead of 5% Under Served From India Scheme, Pre-2009 Policy Applies.