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Explain the objective of the EPCG Scheme and the benefits it offers to the import of capital goods.
Explain the objective of the EPCG Scheme and the benefits it offers to the import of capital goods.
The objective of the EPCG Scheme is to facilitate import of capital goods for producing quality goods and services and enhancing India’s manufacturing competitiveness. The EPCG Scheme allows import of capital goods for pre-production, production, and postproduction at 0% customs duty, thereby reducing the cost of importing capital goods.
What is the purpose of the Duty Drawback Scheme and what does it entail?
What is the purpose of the Duty Drawback Scheme and what does it entail?
The Duty Drawback Scheme allows exporters to get a refund on customs duty paid on imported goods that are to be treated, processed, or incorporated in other goods for export. It also involves the refund of central excise duty paid on indigenous materials used in the manufacture of the finished goods. These refunds are referred to as 'drawback'.
Explain the ways in which finished goods can be exempted from excise duty when exported.
Explain the ways in which finished goods can be exempted from excise duty when exported.
Finished goods, when exported, can be exempted from payment of excise duty through export under rebate or export under bond. In the case of export under rebate, the exporter initially pays the duty and then claims a refund at a later stage. Export under bond allows goods to be exported without prior payment of duty, but an indemnity bond is executed in favor of excise authorities.
How are export goods exempted from the payment of sales tax, and what is required to claim sales tax exemption?
How are export goods exempted from the payment of sales tax, and what is required to claim sales tax exemption?
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What is the significance of the EPCG Scheme and the Duty Drawback Scheme in promoting India's export competitiveness?
What is the significance of the EPCG Scheme and the Duty Drawback Scheme in promoting India's export competitiveness?
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