Duty draw back
This query is : Resolved
06 May 2009
what is Brand Rate Duty drawback?
how can we claim the brand rate duty drawback?
Kindly enlighten me .
Thanking you
how can we claim the brand rate duty drawback?
Kindly enlighten me .
Thanking you
06 May 2009
IN an export friendly move, the Finance Ministry has announced a revised simplified scheme for fixation of brand rate of duty drawback effective July 1 2002.
The revised scheme has dispensed with the need for pre-verification of the data by the jurisdictional Commissionerates of Central Excise.
This implies that brand rate of duty drawback will now be available on a self-certification basis.
"Under the revised scheme, the requisite data certified by the exporters/chartered engineers/accountants will be accepted by the Ministry and in respect of applications, complete in all respects, brand rates of drawback will be issued within 15 days," says an official release from the Finance Ministry here.
The Directorate of Drawback fixes brand rates of drawback in respect of the export items for which the existing All Industry Rates of Drawback do not adequately compensate the customs and/or Central excise duty incidence paid for the corresponding inputs.
The facility of self-certification of brand rate is expected to benefit a large section of exporting community as delays can be avoided in the new system.
Exporters have in the past been seeking expeditious fixation of brand rates of drawback to enable them in availing quick disbursement of drawback benefits.
Besides the brand rate of duty drawback, the Revenue Department announces an all industry rates of drawback in the first week of June every year.
Also there is a circular in 2005.
The revised scheme has dispensed with the need for pre-verification of the data by the jurisdictional Commissionerates of Central Excise.
This implies that brand rate of duty drawback will now be available on a self-certification basis.
"Under the revised scheme, the requisite data certified by the exporters/chartered engineers/accountants will be accepted by the Ministry and in respect of applications, complete in all respects, brand rates of drawback will be issued within 15 days," says an official release from the Finance Ministry here.
The Directorate of Drawback fixes brand rates of drawback in respect of the export items for which the existing All Industry Rates of Drawback do not adequately compensate the customs and/or Central excise duty incidence paid for the corresponding inputs.
The facility of self-certification of brand rate is expected to benefit a large section of exporting community as delays can be avoided in the new system.
Exporters have in the past been seeking expeditious fixation of brand rates of drawback to enable them in availing quick disbursement of drawback benefits.
Besides the brand rate of duty drawback, the Revenue Department announces an all industry rates of drawback in the first week of June every year.
Also there is a circular in 2005.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- ITC BENEFIT ON BROKRAGE PAID
- Short Term Gain Reporting ITR
- Query regarding reporting of exempt foreign remuneration in ITR
- U/S 194 T
- 44AD, 44ADA business details
- Computation of Dividend
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
