Target Plus Scheme – CBEC issues notification
In a swift move, immediately after the changes were announced in the Foreign Trade Policy, CBEC has come out with a notification granting exemption for goods imported under the Target Plus Scheme, subject to certain conditions.
1. Exemption available only to Star Export Houses on the basis of incremental growth in FOB;
2. exemption shall not be admissible if there is insufficient credit in the certificate for debiting the duties leviable on the goods;
3. the certificate and goods imported against it shall not be transferred or sold: Goods can be used by a supporting manufacturer whose name figures in the licence.
4. Certificate of installation to be produced from Central Excise AC/DC. In case of units not registered with Central Excise, certificate can be issued by Chartered Engineer.
5. ICDs and CFSs added to the list of ports.
6. 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 certificate.
NOTIFICATION No. dated 8.4.2005