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Export obligation relaxed for resort, well being, training sectors beneath EPCG scheme

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The federal government has relaxed export obligation beneath the Export Promotion Capital Items (EPCG) scheme  for the resort, healthcare, and academic sectors which had been badly hit by the Covid-19 pandemic. “For the years 2020-21 and 2021-22, these sectors won’t be required to take care of common export obligation for EPCG authorisations issued to them. These sectors may even have the choice to increase the export obligation interval for an extended length, with out having to pay any further charges,” in line with a press assertion issued by the Commerce Division.

The EPCG scheme is a commerce promotion scheme applied by the Centre that enables duty-free import of capital items for the aim of export manufacturing in India. For EPCG authorisations issued for the resort, healthcare and academic sectors, the export obligation interval could be prolonged from the date of expiry for the length equal to the variety of days the export obligation interval falls inside February 1, 2020 and March 31, 2022. 

This extension shall be granted with out cost of composition charges. “Nonetheless, for EPCG authorizations issued for sectors aside from resort, healthcare and academic, the export obligation interval could also be prolonged for the variety of days the present export obligation interval falls inside February 1, 2020 and July 31, 2021. This extension shall be granted with out cost of composition charges, however with a 5 per cent further export obligation in worth phrases on the steadiness export obligation as on March 31, 2022,” it mentioned.

This leisure has been offered in gentle of the financial slowdown brought on by the Covid-19 pandemic, the assertion added.

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