The Export Promotion Capital Goods (EPCG) scheme has been tweaked to provide exporters an extended period to submit Installation Certificates for imported Capital Goods.
New Delhi: In a matter of great news for exporters of India, the Directorate General of Foreign Trade (DGFT) has announced significant enhancements to the Export Promotion Capital Goods (EPCG) Scheme aimed at simplifying processes, reducing transaction costs, and promoting automation to benefit exporters.
The scheme has been tweaked to provide exporters an extended period to submit Installation Certificates for imported Capital Goods. This extension reduces pressure on businesses, allowing them to focus more on production and export activities.
Also Read– Zomato introduces feature to help delivery partners file returns, claim TDS refund
Simplified And Reduced Composition Fee Structure For Exporters
Further, a simplified and reduced composition fee structure for extending the Export Obligation (EO) period has been introduced. This change minimises manual intervention, streamlines compliance and speeds up service delivery. Also, from now all Policy Relaxation Committee (PRC) decisions regarding Export Obligation extensions and regularisation of exports will be implemented with a levy of a uniform composition fee making it easier to implement through the system.
“These updates make it easier for exporters to comply with regulations, reducing the time and effort required to meet DGFT requirements. By expanding automated rule-based processes, DGFT aims to reduce human intervention, mitigate risks and improve overall efficiency in trade facilitation,” the Commerce Ministry said on Friday. “These changes align with the commitment of the government to create a more business-friendly environment and improve India’s manufacturing competitiveness,” an official statement said.
Since the announcement of the new Foreign Trade Policy in April 2023, DGFT has been actively modernising its systems to expand automated rule-based processes. These initiatives are crucial steps towards fostering a more business-friendly environment and enhancing India’s competitiveness in the global market, the statement added.
Read More: SBI Card Q1 Results: PAT flat YoY at Rs 594 crore, revenue jumps 11%
DGFT Rolls Out Faceless Automation System
DGFT rolls out Faceless Automation system to fix Input-Output Norms for exporters New Delhi June 20 (IANS) In line with ongoing efforts to modernise and streamline foreign trade procedures the Directorate General of Foreign Trade (DGFT) has decided that ad-hoc Input Output Norms will be determined through a rule-based, system-driven process, aimed at improving the ease of doing business for exporters, the Commerce Ministry said on Thursday.
The DGFT administers the Advance Authorisation Scheme of the Foreign Trade Policy, facilitating duty-free import of inputs for export production, which includes replenishment of inputs or duty remission. The eligibility of inputs is determined by sector-specific Norms Committees based on input-output norms.
Read More: Govt hikes Bharat rice & atta prices, abolish cash transactions
The switch to faceless automation aligns with a broader policy shift towards a facilitating regime that embraces technological interfaces and collaborative principles, according to the Ministry’s statement The DGFT is actively pursuing similar automation initiatives for other Foreign Trade Policy processes and procedures, emphasizing its commitment to modernisation and efficiency enhancement in trade facilitation. Since the announcement of the new Foreign Trade Policy in April 2023, the DGFT has been actively revamping its systems to expand automated, rule-based processes under the FTP framework.
For more news like this visit Officenewz.com
