06 May 2009
IN an export friendly move, the Finance Ministry has announced a revised simplified scheme for fixation of brand rate of duty drawback effective July 1 2002.
The revised scheme has dispensed with the need for pre-verification of the data by the jurisdictional Commissionerates of Central Excise.
This implies that brand rate of duty drawback will now be available on a self-certification basis.
"Under the revised scheme, the requisite data certified by the exporters/chartered engineers/accountants will be accepted by the Ministry and in respect of applications, complete in all respects, brand rates of drawback will be issued within 15 days," says an official release from the Finance Ministry here.
The Directorate of Drawback fixes brand rates of drawback in respect of the export items for which the existing All Industry Rates of Drawback do not adequately compensate the customs and/or Central excise duty incidence paid for the corresponding inputs.
The facility of self-certification of brand rate is expected to benefit a large section of exporting community as delays can be avoided in the new system.
Exporters have in the past been seeking expeditious fixation of brand rates of drawback to enable them in availing quick disbursement of drawback benefits.
Besides the brand rate of duty drawback, the Revenue Department announces an all industry rates of drawback in the first week of June every year.
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