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The Duty Exemption Scheme facilitates duty free import of inputs requirement for export production. Under the scheme government can issue an Advance Authorization or DFIA to import inputs the duty free. In addition DEPB is issued after export as a script mentioning the duty amount that can be used for further imports.
The standard input-output norms (SION) have been published by the government for more than 6000 products. These are available in the Handbook of Procedures (Vol-II) of Exim Policy. The input-output norms are to be followed for duty free inputs, while applying for advance Authorization. Authorization can still be applied on self- declaration basis, if however no norms are available.
The purpose of DEPB is to reduce the effect of the incidence of Customs duty deemed to have been suffered on the import content of the export product. The neutralization is provided by way of grant of duty credit against the export product. The duty credit is given as a prescribed percentage of FOB value of exports, made in freely convertible currency.
This duty credit can be used for import of any goods/capital goods which are not prohibited. The DEPB and/or the items imported against it are freely transferable.
The holder of advance Authorization and DFIA may also source their inputs from indigenous sources. In such cases, there can be exemption of excise duty payable by the indigenous supplier. Additionally, the indigenous supplier can import his own raw material duty free or can even get a drawback.
We can provide you assistance in assessing the feasibility of the scheme for your exports/domestic supplies, planning for maximum benefits, documentation, application preparations, representation and coordination with DGFT and other associated Government Departments unless & until you finally get the Authorisation.
In case of domestic procurement we can assist in getting essential invalidations from the authority, for duty free import of second stage raw materials and the Drawbacks, wherever applicable.
Later we will assist you in getting the ratification of the norms from the Norms Committee. Finally we can provide you assistance in redemptions of the Authorization.
We also undertake the jobs of Norms Fixation, DEPB rate fixation, Clarifications from the committee etc.
Rajput Jain and associates is the largest online service platform in India which provides easy solutions in starting their new business at affordable cost. We aim at helping the entrepreneurs at every legal and regulatory step. We stay as your partner during entire business cycle and ensure that the business keeps prospering and remains complaint.
Rajput Jain and associates is a network of experienced chartered accountants, lawyers, company secretaries, cost accountants, financial experts, expert bankers all over India to provide the needed services for small and medium size enterprises.
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Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.
A US consultancy group
Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.
A Leading Service Provider
We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.
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