The DGFT vide Notification No. 60/2015-2020, dated March 31, 2021 has issued the amendments in the existing Foreign Trade Policy, 2015-2020 (“FTP”), w.e.f. from March 31, 2021, in a following manner:
- Extended the duration of the FTP, from March 31, 2021 till September 30, 2021.
- Imports against Advance Authorisations are exempted from Integrated Goods and Services Tax (“IGST”) and Compensation Cess upto September 30, 2021.
- Capital goods imported under Export Promotion Capital Goods Authorisation for physical exports are exempted from IGST and Compensation Cess upto September 30, 2021.
- Exemption of IGST and Compensation Cess on the imports and/ or procurement by an Export Oriented Unit (“EOU”), Electronics Hardware Technology Park (“EHTP”), Software Technology Park (“STP”) or Bio-Technology Park (“BTP”) from bonded warehouse in Domestic Tariff Area (“DTA”) or from international exhibition held in India, would be available upto September 30, 2021.
The Notification can be accessed at: https://content.dgft.gov.in/Website/dgftprod/f7b331a2-acc4-46cf-9cc4-a4853972900c/1%20Notification%20No%2060%20English.pdf