Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: articles on VAT and GST in India :: empanelment :: VAT Audit :: cpt :: due date for vat payment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARDS :: form 3cd
 
 
News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

All Fools Day rates basis for DEPB II
October, 05th 2007
Reimbursement of state taxes to exporters under the new scheme replacing the duty entitlement pass book (DEPB) scheme the popular yet controversial duty reimbursement scheme will be on the basis of the rates prevailing on April 1, 2007.

Although the Centre is in no mood to accommodate any increase in taxes which states bring about after April 1, any decrease in taxes will result in a downward revision of the reimbursement rates, senior government officials said. The replacement for DEPB is being worked out by the government now.

The Cabinet note on the new scheme is ready and is likely to be submitted to the Cabinet by October-end, sources said. The note is presently being examined by the revenue department. Under the new scheme, exporters who were claiming duty refunds under the DEPB scheme, will be included in the existing duty drawback scheme.

Additionally, all exporters will get refund of state taxes like sales tax on petroleum products, central sales tax (CST), electricity duty, octroi, mandi fees, purchase tax, octroi, development tax and toll tax.

We do not want states to increase their taxes just because the Centre is reimbursing exporters, an official explained. On whether exporters who were claiming refunds under DEPB would be reimbursed at the same rate under the duty drawback scheme, the official said that some changes would be made by the finance ministry. Some modifications will come, he said.

While under the duty draw back scheme, exporters are refunded the customs duties and excise duties paid on inputs, like raw materials, and intermediates after the products are exported, the DEPB scheme, seeks to neutralise the incidence of customs duty on the import content of the export product by way of grant of duty credit against the export product. The DEPB scheme has found disfavour with the World Trade Organization as it is non-transparent and transferable.

The commerce department has been trying to look for a replacement scheme for the past two years. The DEPB scheme would continue in its current form at least till the end of the fiscal.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions