Duty drawback
This query is : Resolved
vineesh chandran.k
(Querist)
15 June 2012
What is Duty Drawback?
What is FOB Value?
How do we calculate the above?
What is FOB Value?
How do we calculate the above?
RAMESH KUMAR VERMA
(Expert)
15 June 2012
duty drawback
**************:-
https://www.caclubindia.com/experts/what-is-duty-and-what-is-duty-drawback--353545.asp#.T9skU1I-1d4
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.
2. The Central government notifies the Drawback rates for various products either on a general basis (all industry rates) or for individual exporters( brand rates) as the case may be. Drawback sanctioned under section 75 has a two tier system involving (i) fixation of rates by the Directorate of Drawback in the Central Board of Excise and Customs and (ii) disbursement of drawback amount by the Customs Houses and/ Central Excise Commissionerate.
duty drawback is calculated on fob or cap value(which is less)
read link:
https://www.caclubindia.com/experts/duty-drawback-911270.asp#.T9sk2FI-1d4
fob value:
*********
FOB is an initialism which pertains to the shipping of goods. Depending on specific usage, it may stand for Free On Board or Freight On Board. FOB specifies which party (buyer or seller) pays for which shipment and loading costs, and/or where responsibility for the goods is transferred. The last distinction is important for determining liability for goods lost or damaged in transit from the seller to the buyer.
**************:-
https://www.caclubindia.com/experts/what-is-duty-and-what-is-duty-drawback--353545.asp#.T9skU1I-1d4
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.
2. The Central government notifies the Drawback rates for various products either on a general basis (all industry rates) or for individual exporters( brand rates) as the case may be. Drawback sanctioned under section 75 has a two tier system involving (i) fixation of rates by the Directorate of Drawback in the Central Board of Excise and Customs and (ii) disbursement of drawback amount by the Customs Houses and/ Central Excise Commissionerate.
duty drawback is calculated on fob or cap value(which is less)
read link:
https://www.caclubindia.com/experts/duty-drawback-911270.asp#.T9sk2FI-1d4
fob value:
*********
FOB is an initialism which pertains to the shipping of goods. Depending on specific usage, it may stand for Free On Board or Freight On Board. FOB specifies which party (buyer or seller) pays for which shipment and loading costs, and/or where responsibility for the goods is transferred. The last distinction is important for determining liability for goods lost or damaged in transit from the seller to the buyer.
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vineesh chandran.k
(Querist)
18 June 2012
Thank You Sir
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