We are importing machined and we have total duty saved amount of 4.30 Cr.
From that arround 3.60 Cr is IGST amount and other is basic duty + cess.
Now i have 2 questions in mind.
1:- As our product is not export much and we can get more value of product in india. So if we want to surrender licence after 2 years with 30% of completed export of EO amount as we know that we are not able to export.
---> Is that possible? ---> What amount of duty and interest + penalty at time of surrender?
2:- If question 1 is possible then can we get set-off of IGST amount that we pay after surrender of licence?
If all question a accepted can you please give me link of government notification link.
CAclubindia
