Duty drawback certification by an auditor
This query is : Resolved
06 May 2015
If the amount is realized by the exporter after the due date of BRC which is mentioned in the shipping bill, then :
1. Should the auditor highlight in the certificate or is it enough if he certifies only those payments realised within due date?
2. What is the subsequent process to be done by the exporter?
1. Should the auditor highlight in the certificate or is it enough if he certifies only those payments realised within due date?
2. What is the subsequent process to be done by the exporter?
06 May 2015
https://www.caclubindia.com/experts/duty-drawback-482405.asp#.VUmfb-nqlxA
06 May 2015
Thanks for the link sir.
My doubt is that, if we are certifying the transactions of 2013 in May 2015, what to do with the amounts realized after BRC due date.
My doubt is that, if we are certifying the transactions of 2013 in May 2015, what to do with the amounts realized after BRC due date.
06 May 2015
Refer to CIRCULAR NO. 5 /2009-CUSTOMS,the 2nd February,2009
For monitoring the realization of export proceeds for drawback purposes, the Board has decided that the exporters will submit a certificate from the authorized dealer (s) or chartered accountant providing details of shipment which remain outstanding beyond the prescribed time limit including the extended time, if any, allowed by the authorized dealer/RBI on a 6 monthly basis. Such certificate shall be furnished by the exporter, authorised dealer wise for each port. In order to put the exporters on notice at the time of export itself, an endorsement on the exporter’s copy of shipping bill would be made specifying the due date for realization of export proceeds.
The exporters filing Shipping Bills (S/Bs) under drawback shall furnish a declaration to the Assistant Commissioner/Deputy Commissioner (Drawback) providing the details of all Authorized Dealers (AD), their codes and addresses through whom they intend to realize the export proceeds. Such a declaration shall be filed at each port of export through which the exporter exports his goods. In case, there is a new addition of AD, the same is to be intimated to the concerned Custom House at the port of export.
The system would generate on all Drawback Shipping Bills, the due date for submission of BRCs.
More information read the CIRCULAR NO. 5 /2009-CUSTOMS,the 2nd February,2009 in this regards
For monitoring the realization of export proceeds for drawback purposes, the Board has decided that the exporters will submit a certificate from the authorized dealer (s) or chartered accountant providing details of shipment which remain outstanding beyond the prescribed time limit including the extended time, if any, allowed by the authorized dealer/RBI on a 6 monthly basis. Such certificate shall be furnished by the exporter, authorised dealer wise for each port. In order to put the exporters on notice at the time of export itself, an endorsement on the exporter’s copy of shipping bill would be made specifying the due date for realization of export proceeds.
The exporters filing Shipping Bills (S/Bs) under drawback shall furnish a declaration to the Assistant Commissioner/Deputy Commissioner (Drawback) providing the details of all Authorized Dealers (AD), their codes and addresses through whom they intend to realize the export proceeds. Such a declaration shall be filed at each port of export through which the exporter exports his goods. In case, there is a new addition of AD, the same is to be intimated to the concerned Custom House at the port of export.
The system would generate on all Drawback Shipping Bills, the due date for submission of BRCs.
More information read the CIRCULAR NO. 5 /2009-CUSTOMS,the 2nd February,2009 in this regards
06 May 2015
for more information must read the CIRCULAR NO. 5 /2009-CUSTOMS,the 2nd February,2009
06 May 2015
Dear Ramesh Sir,
Thanks for the circular...
but the circualr talks states that cerificate should be furnished on a halfyearly basis i.e Jan to June 2013 exports to be submitted by July 7 2014, but my question is, if exports of 2013 are being certified now i,e in 2015, how to highlight the exports where amount has been realised after the due date of BRC??
Thanks for the circular...
but the circualr talks states that cerificate should be furnished on a halfyearly basis i.e Jan to June 2013 exports to be submitted by July 7 2014, but my question is, if exports of 2013 are being certified now i,e in 2015, how to highlight the exports where amount has been realised after the due date of BRC??
23 May 2015
sir,
Refer to Provision 75(1)of custom act,1962 read with sub rule 16(1) of customs, central excise duties and service tax drawback rules 1995, where an amount of drawback has been paid to an exporter but the sale proceeds in respect of such export goods have not been realized , within the time stipulated under fema act , such duty drawback amount is to be recovered..sub rule 16a (2) stipulates that if the exporter fails to produce evidence in respect of realization of export proceeds within the period allowed under FEMA ACT,1999 as extended by the RBI the Assistant /Deputy Commissioner of Customs shall issue a Notice to the Exporter for production of evidence of realization of export proceeds ,failing which an order shall be passed to recover the amount of drawback paid to claimant.
in view of above, AN AUDITOR MUST MENTIONED THE CORRECT DATE realization date IN THEIR CERTIFICATE.
Regards,
Refer to Provision 75(1)of custom act,1962 read with sub rule 16(1) of customs, central excise duties and service tax drawback rules 1995, where an amount of drawback has been paid to an exporter but the sale proceeds in respect of such export goods have not been realized , within the time stipulated under fema act , such duty drawback amount is to be recovered..sub rule 16a (2) stipulates that if the exporter fails to produce evidence in respect of realization of export proceeds within the period allowed under FEMA ACT,1999 as extended by the RBI the Assistant /Deputy Commissioner of Customs shall issue a Notice to the Exporter for production of evidence of realization of export proceeds ,failing which an order shall be passed to recover the amount of drawback paid to claimant.
in view of above, AN AUDITOR MUST MENTIONED THE CORRECT DATE realization date IN THEIR CERTIFICATE.
Regards,
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