The Foreign Trade Division functions as a part of the Ministry of Commerce and Industry of the Union Government. In particular, the Foreign Trade Division operates region-wise to encourage growth in export trade.
Under the Export Promotion Investment Guarantee Scheme (EPCG), interest concession is given to ‘Job Work’ companies to import machinery from abroad. That is, 25 percent exemption from import duty is available.
In this scheme, there is a way to register and apply as a public service center in association with the relevant export companies. In order to get tax exemption, exports should be six times the value of import duty in six years.
In the period of corona epidemic, the problem of ‘job work’ companies, export companies, which cannot reach the export target, continues to get tax exemption. After a long tussle, one last chance has been given to those left out to apply and get the offer.
Speaking to Tirupur ‘Job Work’ companies, Foreign Trade Division officers were given time to apply by February 28. In this case, the remaining companies have been given time till 17th.
In this regard, Sridhar, Joint Director of Foreign Trade Division (Coimbatore) issued a statement saying, ‘Job work’ companies without public service registration should apply for the pending tax exemption.
For that, you have to apply in the concerned association offices with full documentary evidence before 17th. If you apply after that, there is no chance of getting an offer,’ he said.
During the corona epidemic, ‘Job Work’ cannot reach the export target.
companies, export companies,
The problem of availing tax credits persists. After a long tussle, one last chance has been given to those left out to apply and get the offer