What is the procedure to calculate surrender of Drawback amount against unrealised export bills? What if the bills are partially realised? Also, how rate of Interest is to be calculated on drawback amount?
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Procedure to surrender Drawback against unrealised bills
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Write a letter to the asst/addl commissioner stating the shippinh bill number and reasons for failure to realise the amount and enclose a DD for the drawback amount mentioned in the shipping bill.
For partial realisation you can calculate pro rata. Talking about interest, 18℅ p.a is the rate. However, if you refund suo moto there is a chance they waive the interest amount. Hence just refund the drawback amount and visit the Customs office.
For partial realisation you can calculate pro rata. Talking about interest, 18℅ p.a is the rate. However, if you refund suo moto there is a chance they waive the interest amount. Hence just refund the drawback amount and visit the Customs office.
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