yamini gor (..) (38 Points)
08 January 2015We are exporting some quantiy to the same party from whom we had imported that is our parent company that too as it is.. without doing single operation on the same.
Shall custom duty and excise duty will be leavied on the same???? if yes how to do calculation for invoice and what will be the rate of both duties
Material value is Rs. 37440 and freight is Rs. 9900
Please reply as soon as possible.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 08 January 2015
Section 74 of customs act, related duty drawback.. if you are exporting goods as it is which were earlier impoted within 2 years from the date of import then you can avail the benefit of duty drawback but only if it is satisfactory to the proper officer.. you can get duty drawback 98% of the duty paid...
Please refer section 74, 75 , 76 of the customs act.
Duty drawback depends on the nature of goods.
Regards,
Siddharth Bumb
RAMESH KUMAR VERMA
(Advocate )
(5965 Points)
Replied 08 January 2015
You have to follow the procedures laid down in Re-export of Imported Goods (Drawback of Customs Duties) Rules, 1995. On imported goods that have not been used after import, you can claim drawback of 98 per cent of the customs duty paid. Drawback is available provided you satisfy the Customs authorities that the goods you export are the same as the goods imported under a particular bill of entry.
RAMESH KUMAR VERMA
(Advocate )
(5965 Points)
Replied 08 January 2015
Customs duty applicable on import of goods, Not in your case.
Nisha
(article)
(52 Points)
Replied 08 January 2015
satyashi
(Student C.A. final)
(212 Points)
Replied 10 January 2015
YAMINI
First of all it is a case of export without value addition so it will not attract any excise duty & so far as the custom duty is concerned you need not pay any infact if you export the same goods as it is then subject to the satisfaction of Proper Officer you will be eligible to Duty Draw back of 98 %(37440+9900=47340)
Thank You
CAclubindia
