What is Amnesty scheme?
An amnesty scheme is a program initiated by a government or other authority to grant a pardon or forgiveness to individuals or groups who have committed certain offenses, usually related to tax or financial matters. The scheme typically involves a limited period during which those who qualify can come forward and declare any previously undisclosed assets or income, pay any outstanding taxes or penalties, and avoid prosecution or other legal action. The goal of an amnesty scheme is to encourage compliance with tax and other laws and to help raise revenue for the government.
Who can apply for the Amnesty Scheme?
DGFT launches the Amnesty scheme dated 1st of April 2023 in Public Notice No. 2/2023 for one-time settlement of defaults in export obligation by Advance Authorization Scheme & EPCG Scheme Holders. There is the coverage of the scheme as per the followings:-
- The Authorizations issued under AAS & EPCG for all variants issued under the foreign trade policy of 2009-14 till the date 31.03.2015 are covered under this scheme.
- For the Authorizations issued under AAS & EPCG issued under the FTP of 2004-09 and before, the coverage is limited to those authorizations where the “Export Obligations Period (original or extended) was valid beyond the date 12.08.2013” are covered under this scheme.
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