Duty draw back (Custom)

This query is : Resolved

Author : Anonymous

( Author )
07 January 2012

Sir,
if we have Imported the material from Thailand due to some defect on material if we want to send the same to same country then how much draw back we can get if we re export within 3 months,6 months, or after 1 year please send me the different-different months draw back.

RAMESH KUMAR VERMA

( Expert )
07 January 2012

There are two types of drawback. One is called drawback under Section 74 of the Customs Act, 62 which allows drawback of duty paid on goods originally imported on payment of duty and subsequently re-exported. The manner and time limit for filing the claims are governed by "Re- export of Imported Goods (Drawback of Customs duties) Rules, 1995.

1. The other scheme is payment of drawback under Section 75 and Rules made thereunder at specified rated on export of goods manufactured in India. The manner and time limit for filing the claims are prescribed under the Customs and Central Excise Duties Drawback Rules 1995 as amended from time to time.

TIME – LIMIT UNDER SECTION 74

In order to claim drawback under Section 74 the goods should be entered for export within two years from the date of payment of duty on the importation thereof. Provided that in any particular case the period of two years may on sufficient cause shown be extended by the by the Central Board of Customs and Central Excise by such period as it may deem fit.

The time limit have to be computed from the date of payment of duty up to the date of entry of goods for export under Sec 50 of the Customs Act for export by air or sea, under Section 77 for baggage items and Under Section 83 of the Customs Act for export by post

The claims should be filed in the manner prescribed under Rule 5 of Re-export of Imported Goods(Drawback of Customs Duties) Rules,1995, read with Public Notices issued by the Custom Houses. The time limit for filing the claim is three months from the date of let export order. If the exporter was prevented by sufficient cause from filing the claims within three months, the Asst. Commissioner of Customs can relax the time limit by three months. .

for more info:

http://customsmangalore.gov.in/duty-draw-back.htm

http://www.tax4india.com/indian-laws/indian-tax-law/custom-law/duty-drawback.html

RAMESH KUMAR VERMA

( Expert )
07 January 2012

for fresh information link is:

http://www.business-standard.com/india/news/time-limit-extension-in-duty-drawback-rulesgood-move/398924/

RAMESH KUMAR VERMA

( Expert )
07 January 2012

any query will be highly appreciated in future.

thanks for participate in ca club india.