RECENT UPDATES

Extension of Foreign Trade Policy up to 31st March, 2022

The DGFT vide Notification No. 33/2015-2020 dated 28th September, 2021 has further extended the duration of Foreign Trade Policy 2015-2020 (FTP) from 30^th September 2021 to 31^st March 2022.

The following are the major highlights

• The existing Foreign Trade Policy 2015-20 is extended up to 31^st March 2022 (Earlier 30^th September 2021)

• Imports against Advance Authorisations are exempted from Integrated Tax and Compensation Cess up to 31^st March 2022 (Earlier 30^th September 2021)

• Capital goods imported under EPCG Authorisation for physical exports are exempt from IGST and Compensation Cess up to 31^st March 2022 (Earlier 30^th September 2021)

• The imports and/ or procurement from bonded warehouse in DTA or from international exhibition held in India by an EOU/EHTP/STP/BTP would also remain exempted from IGST and Compensation Cess till 31^st March 2022. (Earlier 30^th September 2021)