epcg licence
This query is : Resolved
09 March 2011
sir
my client is a service provider under the catogory of convention centre and holtel and have no bar licence.
the company has taken EPCG licence during the constuction period.
around 4 crore forex obligation assumed.
99% of the revenue is genrated through banquet booking and customers settle most of the bills through issuing NRE cheques.
it is understood that we need form no 10H to be attached ,for each and every payment, with the EPCG licence obligation return
what course of action should we initiated to come out of the situation.
my client is a service provider under the catogory of convention centre and holtel and have no bar licence.
the company has taken EPCG licence during the constuction period.
around 4 crore forex obligation assumed.
99% of the revenue is genrated through banquet booking and customers settle most of the bills through issuing NRE cheques.
it is understood that we need form no 10H to be attached ,for each and every payment, with the EPCG licence obligation return
what course of action should we initiated to come out of the situation.
09 March 2011
DEAR AUTHOR,
please noted that service providers/exporters can take EPCG route to reduce their Capital Cost. Service Providers like Hotels, Hospitals, Tour Operators, Taxi Operators, Construction Companies, Logistics companies can utilize the scheme to import/procure from domestic market, their capital goods at a substantially reduced costs. The EO can be fulfilled by Forex Earnings through providing services, like that of Foreign Guests staying in the hotel, medical tourism etc.
In case of domestic procurement I can assist in getting necessary invalidations from the authority, and the refund of Excise Duty.
Please also noted that For Services rendered at the time of redemption submit in concerned DGFT/RLA:-
Consolidated statement or individual statements (bank/authorised dealer wise) of services rendered as given in sub section XV duly certified by a Chartered Accountant as per format given in Appendix 26 and bank/authorised dealer evidencing foreign exchange earning received through normal banking channel.Copy of licence showing the date of clearance of the first consignment
Customs purpose copy of EPCG Licence
At the time of redemption, the licence holder shall also submit certificate from the Independent Chartered Engineer confirming the use of spares so imported under the Scheme in the installed capital goods on the basis of stock & consumption register maintained by licence holder.
regards,
please noted that service providers/exporters can take EPCG route to reduce their Capital Cost. Service Providers like Hotels, Hospitals, Tour Operators, Taxi Operators, Construction Companies, Logistics companies can utilize the scheme to import/procure from domestic market, their capital goods at a substantially reduced costs. The EO can be fulfilled by Forex Earnings through providing services, like that of Foreign Guests staying in the hotel, medical tourism etc.
In case of domestic procurement I can assist in getting necessary invalidations from the authority, and the refund of Excise Duty.
Please also noted that For Services rendered at the time of redemption submit in concerned DGFT/RLA:-
Consolidated statement or individual statements (bank/authorised dealer wise) of services rendered as given in sub section XV duly certified by a Chartered Accountant as per format given in Appendix 26 and bank/authorised dealer evidencing foreign exchange earning received through normal banking channel.Copy of licence showing the date of clearance of the first consignment
Customs purpose copy of EPCG Licence
At the time of redemption, the licence holder shall also submit certificate from the Independent Chartered Engineer confirming the use of spares so imported under the Scheme in the installed capital goods on the basis of stock & consumption register maintained by licence holder.
regards,
12 March 2011
thank you sir, but my question is that 90% of our clients are NRI s and as and when functions are conducted they settle the bill through the NRE cheques.
whether these revenue collected from NRE cheques can be treated as forex revenue for the purpose of forex obligation under EPCG scheme
whether these revenue collected from NRE cheques can be treated as forex revenue for the purpose of forex obligation under EPCG scheme
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