Bombay High Court: ‘GIRNAR’ a Well Known Trademark in India  ||  Kerala HC: Criminal Courts of District Judiciary Cannot Recall their Earlier Orders  ||  Madras HC: Only ‘Preponderance of Probability’ Required in Disciplinary Proceedings  ||  Raj HC: Non-Disclosure of Information Wasn’t a Ground for Disqualification Before 2015 Amendment Act  ||  Bom. HC: Workers in Statutory Canteens are Principal Employer’s Employees  ||  Supreme Court: NCLAT Cannot Use its ‘Inherent Powers’ to Subvert Legal Provisions  ||  Supreme Court: NCLAT Cannot Use its ‘Inherent Powers’ to Subvert Legal Provisions  ||  SC Refuses to Mark Presence of Advocate Who Did Not Argue the Matter  ||  SC Sets Aside HC’s Decision to Accept Aadhaar Card as a Proof of Date of Birth  ||  SC Permits Candidate with Blindness to Attend Interview for Selection of Civil Judges in Rajasthan    

DGFT simplifies the process of levying Composition Fee for Export Obligation Extension - (01 Mar 2023)

Customs

The Directorate General of Foreign Trade (DGFT) has notified amended rules for implementing all PRC (Policy Relaxation Committee) decisions regarding the levy of Composition Fee. DGFT is extending the benefit of reduced Composition Fee for cases where it has allowed an extension in EOP (Export Obligation Period) and/or regularization of exports already made. This was notified vide Public Notice No. 59/2015-20 on February 28, 2023 by amending Para 4.42 of Handbook of Procedures (2015-20).

The rationalization of Composition Fee calculations aids in automation and accelerated delivery of services by attempting to make the procedure simpler and more understandable. The revised Composition Fee model, which is based on a specific rate for different levels of the 'CIF value of Authorisation,' is less complicated and simpler to calculate. This will assist in streamlining the compliance process with minimal human intervention, reducing the risk of discrepancies and confusions.

Automating the process will result in faster service delivery by reducing the need for manual calculations and paperwork. This initiative aims to integrate a uniform and transparent system for implementing all PRC decisions, including past decisions related to levying Composition Fee in the case of extending Export Obligation Period (EOP) and/or regularization of exports made under the Advance Authorization Scheme. The goal is to make doing business easier and reduce transaction costs. Calculation simplification also contributes to the "Ease of Doing Business" mission by reducing complexity and making the procedures relatively easy for exporters. DGFT is working towards this goal by making the Composition Fee calculation procedure smoother and easier to understand for exporters.

Tags : COMPOSITION FEE   PROCEDURE   SIMPLIFICATION  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved