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The scheme
is easy to administer and more transparent. The scheme is similar to Cenvat
credit scheme. The exporter gets credit when he exports the goods. The
credit is on basis of rates prescribed. This credit can be utilised for
payment of customs duty on imported goods.
HIGHLIGHTS
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The
objective of the scheme is to neutralise incidence of customs duty on the
import content of export product. The neutralisation shall be provided by
way of grant of duty credit against the export product.
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Exports
under DEPB scheme are allowed only when DEPB rate for the concerned export
product is finalised.
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Under this
scheme, exporters will be granted duty credit on the basis of notified
entitlement rates.
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