The Government of India released the Excise Duty Refund (EDR) claim for the year 2015, fund releases for two Project Tied Assistance Projects and 4th qtr release of Programme Grant amounting to Nu. 2,916 million, Nu. 513.885 million and Nu. 425 million, respectively, today.
Out of the total released amount, Nu. 2,208 million pertains to the imports made from the factory, and Nu. 707.9 million for the imports made from open market. The EDR claim for the year 2015 constitutes about 10% of the total revenue for the financial year 2016-2017.
The EDR claim for 2015 was verified in June 2016 by a five – member delegation from Government of India, lead by Mr. Mahender Singh, Director General, Directorate General of Performance Management (Customs, Central Excise and Services Tax) Central Board of Excise and Customs, Ministry of Finance.
The Government of India refunds the Excise Duty on annual basis as per the Article VIII of the Bilateral Trade and Transit Agreement, which states that “Each of the Government agrees to provide appropriate refund to be mutually decided annually in respect of the Excise Duty on goods of its origin exported to the other”. Nevertheless, as a goodwill gesture of the Government of Peoples Republic of India, the central excise duty component on our imports is refunded to RGOB on annual basis.
Government of India has committed Nu. 45,000 million in the 11th FYP to Royal Government of Bhutan . The detail break-up of the commitment are: Nu. 28,000 million for Project Tied Assistance (PTA), Nu. 8,500 million for Program Grant (PG) and Nu. 8,500 million for Small Development Projects (SDP). As on date, Government of India has released Nu. 17,541.870 million for GoI PTA projects, Nu. 6,800 million for Program Grant and Nu. 7,150.253 million for SDP to RGoB. In total, GoI has released Nu. 31,492.123 million to RGoB which is 70% of total committed allocation in the 11th Five Year Plan Period. In addition to the commitment of Nu 45000 million, Government of India has also committed for a Economic Stimulus package (ESP) of Nu 5000 million to Royal Government of Bhutan, of which Nu 4400 million has been released so far.
1,613 total views