PXL/HO/Cir-098/2022-23 Date: 25.01.2023
Subject: DGFT Public Notice No.52/2015-2020 dt:18.Jan.2023 on Para 4.42- Simplification and amendment of levying of composition fees for Export Obligation (EO) Extension under Advance Authorization.
We would like to inform member companies DGFT has amended the rates of composition fees payable by exporter under Advance Authorization Scheme for extension of the Export Obligation (EO) Period. Earlier, the Composition fees were linked to the % of unfulfilled export obligation and had several calculations which the RA had to verify for allowing the EO extension to the exporter.
Now, as per the new Simplification, the EO extension Composition fees will be fixed cost based on the CIF Value of the Authorization issued. This will make the EO Extension more straightforward and easier to calculate. The new amendment will also help automate the process and thus facilitating the exporter and compliance process in general. The New amendment will be applicable for requests made on or after 19.01.2023. Previously submitted or pending applications will be based on previous provisions.
Members are requested to refer the DGFT notification for detailed information :Click Here