Export sales audit in excise duty angle....

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Rajesh (Querist)
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16 December 2011 Dear Experts,
As an auditor i am asking these doubts.

I have been assigned the task of auditing the Cenvat and Service tax of a manufacturing company. Its a medium sized private limited company. My queries are

1) How to audit if the company does exports sales?
2) What is meant by Rebate?
3) What is Duty Drawback?
4) What is the difference between these two.?
5) what is DEPB?
Thanks & Regards
Rajesh.

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Guest (Expert)

17 December 2011 17th December, 2011

Dear Rajesh,

1. Audit the Export Sales Invoices with supporting documents like Goods Outward Note, Gate Pass, Bill of Lading, Shipping Invoice, and Clearing Agency Invoice.

2. Rebate is a concession which is granted against fulfillment of all conditions.

3. Drawback, in law in commerce, paying back a duty previously paid on exporting excisable articles or on re-exporting foreign goods. The object of a drawback is to let commodities which are subject to taxation be exported and sold in a foreign country on the same terms as goods from countries where they are untaxed.

4. Rebate is a concession; Duty Drawback is an adjustment.

5. DEPB - Duty Entitlement Pass Book is a record of rebate that the manufacturing is entitled to avail of on the annual exports made by him during the financial year.

FCA Prashant Chavan

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