Refund of customs duty
Bachu Partish (11 Points)
19 March 2024So here can we get the refund of customs duty paid on imports??
Bachu Partish (11 Points)
19 March 2024
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 19 March 2024
What you mentioned in your query is Called Duty Drawback, imported goods are processed here in India and re-exported within time frame as per section 74 & section 75 of the Customs Act then you Can claim certain percentage of such Custom duty which has been paid during the import of goods, same is called Duty Drawback however this scheme is not applicable to all goods , also there is condition that you should get payment of exported goods from the foreign Customer within the time frame as per customs act , so check latest any amendments in the sections of the Customs Act .
Take others opinion as well or professional help from nearby CA .
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 29 March 2024
Dear Mr. Prasad,
Please inform us under which section of the Customs Act or under which Notification etc and or FEMA it is written that for claiming duty draw back unser Section 74 and 75 of the Customs Act payment for the export is required to be received within the stipulated time limit.
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 31 March 2024
Sec 74 - duty drawback on re-export of duty-paid goods.
Sec 75- duty drawback when imported materials are used for manufacturing or processing goods in India, which are subsequently exported.
Within 2 years. Its mentioned in the same sections somewhere
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 01 April 2024
Sorry, i did not find ant such provision under any of the section 74 and or 75 of the Customs Act.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 01 April 2024
Sorry, i did not find ant such provision under any of the section 74 and or 75 of the Customs Act.
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 01 April 2024
im just googling. try duty Drawback Under Customs Act, 1962 on taxgur dot in
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 05 April 2024
There is no any such provision either under section 74 or section 75 of the Customs Act.1962. Provision for export proceeds realisation is applicable only to Export drawback under All Industries rate (which is called export benefit ).