Duty drawback
This query is : Resolved
17 December 2012
Can you please explain me this Statement:-
No drawback will be determined (i)if it is less than 1% of FOB value, except where the amount of drawback per shipment exceeds Rs.500/-
give an example if possible?
No drawback will be determined (i)if it is less than 1% of FOB value, except where the amount of drawback per shipment exceeds Rs.500/-
give an example if possible?
18 December 2012
for instance, exporter export the EGGS UNDER CHAPTER 0407 of fob value in inr 48000.00
as per current DRAWBACK schedule INCENTIVE IS available 1% ON FoB )if cenvat facility Not availed by exporter.
duty drawback will be now,
48000*1%= 480
48000 (is fob value in INR)
1% RATE IS DRAWBACK WHEN EXPORTER DOES NOTAVAIL CENVAT .
therefore as per department rule No drawback is admissible where the amount or rate of drawback works out to less than 1% of the f.o.b. value of the product, except cases where the amount of drawback exceeds Rs. 500 per Shipping Bill.
further info:
https://www.eximkey.com/contents/showpage1.asp?pageid=5840
as per current DRAWBACK schedule INCENTIVE IS available 1% ON FoB )if cenvat facility Not availed by exporter.
duty drawback will be now,
48000*1%= 480
48000 (is fob value in INR)
1% RATE IS DRAWBACK WHEN EXPORTER DOES NOTAVAIL CENVAT .
therefore as per department rule No drawback is admissible where the amount or rate of drawback works out to less than 1% of the f.o.b. value of the product, except cases where the amount of drawback exceeds Rs. 500 per Shipping Bill.
further info:
https://www.eximkey.com/contents/showpage1.asp?pageid=5840
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