In yet another move for simplification, automation and ease of doing business, DGFT has amended the rates of composition fees payable by exporter under Advance Authorisaiton Scheme for extension of the EO Period.
Earlier, the Composition fees were linked to the % of unfulfilled export obligation and had several calculation which the RA had to verify for allowing the EO extension to the exporter.
Now, as per the new Simplification, the EO extension Composition fees will be fixed cost based on the CIF Value of the Authorisation issued. This is will make the EO Extension more straightforward and easier to calculate. The new amendment will also help automate the process and thus facilitating the exporter and compliance process in general.
The New amendment will be applicable for request made on or after 19.01.2023. Previously submitted or pending applications will be based on previous provisions.
Exporter can refer to the Public Notice via the link
https://content.dgft.gov.in/Website/dgftprod/cef01b20-9e7e-4c7a-81fb-ac4c6e833787/PN%20No.%2052%20ENG.pdf
Regards,
Team Afleo