Duty Drawback Scheme Sample Clauses

Duty Drawback Scheme. Another important scheme of remission of indirect taxes and import duties is the Duty Drawback Scheme operated by the Department of Customs under Section 75 of the Customs Act 1962. The scheme provides for refund of duties of customs and central excise on basic inputs like raw materials, components, intermediates, and packing material used in various stages of manufacture/production. No relief is provided for duties on capital goods, fuels, and consumables. Other taxes and charges such as sales tax or octroi are also not taken into account. The excise duties on the finished export product are also reimbursed under the drawback scheme and there are separate provisions for the rebate of these duties under the Central Excise and Salt Act 1944. Drawback rates are notified either on a general basis (all industry rates) or for individual exporters (brand rates). There is a two-tier system for the administration of the scheme involving (i) fixation of rates by the Directorate of Drawback in the Central Board of Excise and Customs and (ii) disbursement of drawback amount by the Customs Houses and/Central Excise Commissionerate. The all-industry rates of drawback are normally announced on 1 June every year or three months after the budget. They are applicable to manufacturer– exporter as well as merchant–exporters. These rates are determined on the basis of the industry-wide averages of consumption of inputs, incidence of duties, wastage, FOB prices of the exported product, etc. If in any category of goods the all-industry rates have not been determined or if any exporter finds the duty incidence to be higher than the all- industry rate, it can apply for fixation of brand rates.35
Sample 1
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Related to Duty Drawback Scheme

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