CAG highlights misuse risk in capital goods export scheme system
Directorate General of Foreign Trade (DGFT) does not check the veracity of the documents submitted.
The EPCG scheme allows import of capital goods for pre-production, production and post-production at zero customs duty to produce quality goods and services.
Highlighting that DGFT must have a data driven monitoring mechanism for ensuring compliance to the provisions of the foreign trade policy, the CAG said in an audit report: “Issuance of subsequent authorizations without ensuring fulfilment of progress of obligations of earlier authorizations remaining unredeemed must be considered a risk factor”.
The non-compliance with the prescribed procedures in case of domestic procurement of capital goods has a risk of availing dual benefit of availing exemption from payment of integrated goods and services tax (IGST) and also importing items duty free, the CAG said.
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