11 January 2016
I import phophoric acid from china. Pay custom duty including cvd @12.50%. It is refunable or not? If refundable then what's the process?
in terms of Circular No.42/2005-Customs dated 24.11.2005 (ACP clients), the amount of 4% CVD refund shall be sanctioned in full, on preliminary scrutiny of the following documents: (a) TR-6 Challans (in original) for CVD payment; (b) VAT/ST payment Challans (in original); (c) summary of sale invoices; and (d) certificate of statutory Auditor / Chartered Accountant, for correlating the payment of ST/VAT on the imported goods with the invoices of sale and also to the effect that the burden of 4% CVD has not been passed on by the importer to the buyer. The procedure for pre-audit for ACP clients has been done away with and detailed scrutiny will be done only at the stage of post-audit. The refund claims will be sanctioned within the maximum time period of 30 days from the date of submission of refund claim (Board’s Circular No.18/2010-Customs dated 08.07.2010).
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