DGFT Revamps EPCG Scheme To Simplify Compliance For Exporters
Date
7/27/2024 2:26:56 PM
(MENAFN- KNN India)
New Delhi, Jul 27 (KNN)
The Directorate General of Foreign Trade (DGFT) has introduced significant modifications to the Export Promotion Capital Goods (EPCG) scheme, aimed at enhancing ease of compliance for exporters and reducing administrative burdens, according to a government announcement on Friday.
Key changes to the scheme, which permits duty-free import of capital goods against export obligations, include an extended timeline for submitting installation certificates for imported capital goods, alleviating pressure on businesses to meet strict deadlines.
Additionally, a simplified and reduced composition fee structure for extending export obligation periods has been implemented, designed to minimise manual intervention and expedite service delivery.
The DGFT has also standardised Policy Relaxation Committee (PRC) decisions regarding export obligation extensions and regularisation, to be implemented with a uniform composition fee for easier system integration.
These modifications align with the government's commitment to fostering a more business-friendly environment and bolstering India's manufacturing competitiveness, as stated by the Commerce Department.
By expanding automated rule-based processes, the DGFT aims to enhance overall efficiency in trade facilitation, thereby reducing human intervention and mitigating associated risks.
These reforms are expected to significantly reduce the time and effort required for exporters to meet DGFT requirements, ultimately streamlining compliance procedures and improving the operational landscape for Indian exporters.
(KNN Bureau)
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