An exporter has decided to import Capital goods under EPCG scheme in the FY 2020-21. The Total

Fantastic news! We've Found the answer you've been seeking!

Question:

An exporter has decided to import Capital goods under EPCG scheme in the FY 2020-21. The Total value of CGs is USD 400,000. The normal duty is 25%. The total exports in three years prior to to the application is USD 300,000. The total exports from 2020-21 to 2023-24 is USD 500,000 & 2024-26 is USD 400.000.

a)Prepare the statement for scrutiny by customs/ DGFT?

b) Also calculate the penalties, if any?

c) If the Raw material is also imported for USD 100,000 & Duty saving is 25%, Calculate EO?

d) How are exporters helped by various Schemes of the DGFT to achieve the target of Globalization?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Sep 11, 2022 05:03 AM

See More Questions

Acme Tarp Company has decided to import some cotton tarps from India. About half of the tarps will be used to make tents. The other half will be used to make sails. Assume that importation is...
How has globalization affected different world regions? What are some of the benefits and costs of globalization for different sectors of society (companies, workers, communities)?
Various classification schemes are sometimes used to given an indication of the potential of a foreign market/country. Explain why these schemes should or should not be used as a basis for deciding...
Explain these points in detail w.r.t application of control in auditing with examples. 1: Relate data capture control with internal control in auditing with example 2: Relate validation control with...
A consumer group has accused a restaurant for using higher fat content than what is reported on its menu. The group has been asked to conduct a hypothesis test to substantiate its claims. a. Is the...
Motley Company issued $300,000, 8%, 15-year bonds on December 31, 2024, for $288,000. Interest is payable annually on December 31. Motley uses the straight-line method to amortize bond premium or...
It looks to me that you have devoted everything to this company and they have treated you badly. Is that right?
Considerations other than cost in pricing decisions. Executive Suites operates a 100-suite hotel in a busy business park. During April, a 30-day month, Executive Suites experienced a 90% occupancy...
As a X Engineer in a design consultancy company, you have purchased a high specification computing system. The computing system has a cost basis of USD 4 0 0 0 and a ten - year depreciable life. The...
Potholes All along the sides of Route 10, residents displayed signs saying: "County Executive: Fix this Road!" Wanting to minimize the negative publicity associated with this sign campaign, the...
A siren emits a frequency of 400.6 Hz. A police car traveling at 28.8 m/s sounds the siren as it moves away from a stationary pedestrian. What frequency (in Hz) does the pedestrian hear if the...
Here are data regarding Acme Company, which is a merchandising company: Net operating income $ 23,000 Variable selling expenses $ 25,000 Cost of goods sold $ 310,000 Fixed administrative expenses $...
A total of $20,000 was borrowed, part at 5% and part at 9% Write the information as a interest. The interest payment was $1500. ne system. How much was borrowed at each percent?
On December 31, a company's monthly records show the following accounts. Cash Accounts receivable Supplies Land Services revenue Accounts payable Wages expense Rent expense Supplies expense Revenues...
Determine f-(x) if f(x) = X+1 X-2 where x # 2.
A propane tank is to hold a volume of 380 m of propane. The tank will be in the shape of a cylinder with a hemisphere on one end. The machinery cannot manufacture a cylinder with any measure...
The following transactions relate to H&H Limited for 2021-2022. In particular, their financial year starts on the 1st day of July 2021 and ends on the 31st day of December 2022. The opening balance...
The Cholesterol Level data sets give cholesterol levels of heart attack patients. Cholesterol measures are taken 2, 4, and 14 days aft er a patient has suffered a heart attack. Is there a significant...
Steve Drake sells a rental house on January 1, 2012, and receives $130,000 cash and a note for $55,000 at 10 percent interest. The purchaser also assumes the mortgage on the property of $45,000....
Marty is a sales consultant. Marty incurs the following expenses related to entertainment of his clients in 2012: Dues to a country club......................................................$4,500...
Charlie's Green Lawn Care is a cash basis taxpayer. Charlie Adame, the sole proprietor, is considering delaying some of his December 2012 customer billings for lawn care into the next year. In...
Given your response to item 2, how would these measures be useful? What could they be used for? Turnover is costly for organizations. In addition to the direct costs of recruiting, hiring, and...
How does New Belgium introduce fun into the workplace? How does having fun keep employees engaged and enthusiastic about their work and the company? Kim Jordan and Jeff Lebesch, the husband and wife...
Visit the New Belgium Brewing Web site (www.newbelgium.com) to learn more about the company. The company has a strong culture that values environmental sustainability. Here are its core beliefs: We...

An exporter has decided to import Capital goods under EPCG scheme in the FY 2020-21. The Total

Question:

Expert Answer:

a Statement for scrutiny in accordance with the Customs Act 1962 and other rules 1 The Statement for Scrutiny shall contain the following details i Name of the applicant ii Nature of business iii Tota... View the full answer

Income Tax Fundamentals 2013

Students also viewed these international, global, thematic questions