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?
RAMESH KUMAR VERMA
(Expert)
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
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- GST input credit on commercial property
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
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
