One-Time Amnesty Scheme For Exporters Recoups Rs 852 Crore For Govt
Date
5/20/2024 4:39:35 AM
(MENAFN- KNN India) New Delhi, May 20 (KNN) A senior government official has disclosed that the recently concluded one-time amnesty scheme for exporters who had previously failed to meet agreed-upon export obligations has yielded Rs 852 crore in revenue for the exchequer.
The scheme allowed 6,705 exporters to take advantage of reduced penalties and interest payments for unmet obligations under the Advanced Authorisation (AA) and Export Promotion Capital Goods (EPCG) schemes.
These initiatives permit duty-free imports of inputs and machinery for manufacturing, contingent upon future export commitments.
Ordinarily, when an exporter defaults on their export obligations, they are required to repay the government the full amount of duties initially waived. If this repayment occurs after the prescribed time limit, interest charges are additionally levied.
However, the amnesty program capped the interest payable at 100 per cent of the exempted duties, excluding Additional Customs Duty and Special Additional Customs Duty components.
This concession alleviated the interest burden for numerous exporters whose non-compliance cases had remained unresolved for extended periods.
The window for exporters to declare their intention to participate closed on November 30, 2023, while the final deadline for remitting customs duties and interest was March 31, 2024. Officials anticipate the total collection under this scheme may increase further.
This marked the government's second such amnesty initiative for exporters, following a previous program implemented in 2011-12.
(KNN Bureau)
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