Customs Exemption to Goods under Hi-tech Product Export Promotion Scheme
THE Government has exempted goods when imported into India against a duty credit scrip issued under the Hi-tech Product Export Promotion Scheme in accordance with paragraph 3.11 of the Foreign Trade Policy.
Objective of the Scheme is to incentivise export of High Technology products. The Revenue has now notified the exemption.
The exemption from duty shall not be admissible if there is insufficient credit in the said scrip for debiting the duties leviable on the goods. The scrip and goods imported against it shall be freely transferable. The importer shall be entitled to avail of the drawback or CENVAT credit of additional duty leviable under section 3 of the said Customs Tariff Act against the amount debited in the said scrip.
Notification NO. - Dated: February 19, 2009