We are manufacturing precision optics for instruments. Since 4-5 years we are exporting and at present more than 50% of sales are exports. We import most of our raw material and consumables.
We were not aware of duty drawback procedure until very recently. We had actually opened an account in SBI bank near airport when IEC code was taken 10 years back but it was idle. So we have now started the procedure of reactivating this account and putting the account number on the shipping bill.
However I have some questions :
1) Some of the prodcuts we make come under chapter 9001 which also conatins spectacle lenses which are much easier whereas the lenses we make are much more precision in nature. However there is no separate sub-chapter heading for our type of products (there is no lobby for our undustry) and the drawback rate (others) is even less than chepaer and less precise items. Can we get this changed? How? To whom should we write?
2) Can we get duty drawback for previous years sales for which we have not done this procedure? Whom should we consult for this.
CAclubindia
