What is DEPB shipping bill?

Duty Entitlement Pass Book Scheme (DEPB) is an export incentive scheme. The objective of DEPB is to neutralise the incidence of Customs duty on the import content of the export product. The neutralisation shall be provided by way of grant of duty credit against the export product.

When DEPB scheme was discontinued?

The pre-export DEPB was abolished in April 2000 and after several extensions, the post-export scheme was phased out in September 2011 and thereafter it was incorporated into the duty drawback schedule with effect from October 2011.

Which scheme consists of DEPB?

Duty Entitlement Passbook Scheme (DEPB) is an export incentive scheme implemented by the Indian Government to the exporters of the country. The scheme refunds duties that are paid by the exporters in the form of credit.

What is DEPB in export?

Duty Entitlement Pass Book Scheme (DEPB) Duty Entitlement Pass Book Scheme in short DEPB is an export incentive scheme. Notified on 1/4/1997, the DEPB Scheme consisted of (a) Post-export DEPB and (b) Pre-export DEPB. The pre-export DEPB scheme was abolished w.e.f. 1/4/2000.

What is DEPB license sale?

DEPB is an entitlement given to the exporters for importing duty free goods, in proportion to their export earnings. This license is saleable. While calculating the export income exempt from tax under the section 80 HHC of the Income-tax Act, the exporters also include the revenue arising from sale of the DEPB license.

What is FOB rate?

The f.o.b. price (free on board price) of exports and imports of goods is the market value of the goods at the point of uniform valuation, (the customs frontier of the economy from which they are exported).

When was DEPB introduced?

17 April 1997
With a view to continuously increase India’s global trade and to use trade expansion as an instrument of economic growth, several fiscal incentive schemes have been launched by the Government of India. Duty Entitlement Pass Book (DEPB), as an incentive scheme was notified vide circular no. 10/1997 dated 17 April 1997.

What is the FOB value?

FOB Value = Ex-Factory Price + Other Costs (b) Other Costs in the calculation of the FOB value shall refer to the costs incurred in placing the goods in the ship for export, including but not limited to, domestic transport costs, storage and warehousing, port handling, brokerage fees, service charges, et cetera.

What is profit on sale of import license?

As per sub-section (iiia) of section 28, profit on sale of license granted under the Imports (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947 is chargeable to tax under the head “profit and gains from business or profession”.

How do you calculate FOB price?

What is CIF and FOB price?

The abbreviation CIF stands for “cost, insurance and freight,” and FOB means “free on board.” These are terms are used in international trade in relation to shipping, where goods have to be delivered from one destination to another through maritime shipping.