Impact on EPCG scheme after introduction of GST in India.
EPCG means Export Promotion Capital Goods. If Mr. James, an exporter needs to purchase leather manufacturing machinery to produce leather for export purpose, he can approach DGFT to get an EPCG license under he can import machinery without paying all import duties. The EPCG license can be obtained by executing necessary undertaking to export particular value of exports (in some cases quantity also) depends up on the duties he avails at the time of import.
So under EPCG scheme, Mr. James can import the quantity and value of machinery up to a limit mentioned in EPCG scheme as per terms and conditions mentioned, without paying any import duties and taxes to India. That means, Mr. James can avail all import duties and taxes including excise duties, additional duties and cesses apart from basic customs duty.
w exporters are worried, after implementation of GST, whether an importer under EPCG has to pay GST and gets only import exemption on basic customs duty at the time of import where such GST is adjusted or refunded at later stage by blocking his money for a good time duration.
Under post GST implementation in India, if an importer under EPCG scheme has to pay GST initially and gets refunded or adjusted later stage, and only gets exemption of basic custom duty, that would be a blockage of money for him. In other words, expenses for import against EPCG scheme will be costlier after introduction of GST in India.
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