Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: TDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year

Procedural relief for exporters on duty drawback claims
October, 13th 2007
Cutting down paper work

As a one-time respite, the Finance Ministry has allowed exporters to receive differential duty drawback without having to file supplementary claims. This benefit would be available only for the drawback shipments cleared through the EDI system from April 1 to July 17 this year.

The move to avoid paper work through an exemption from filing of supplementary claims comes close on the heels of the Government announcing a set of relief measures for exporters, in the wake of continuing appreciation of rupee in recent weeks.

Trade bodies like the Delhi Exporters Association (DEA) had represented that the differential drawback amount that has become due to exporters may automatically be credited to exporters account by the Electronic Data Interchange (EDI) system of customs houses.

On July 16, the Government had raised the rates of duty drawback on specified items to soften the rupee appreciation blow on exporters. This hike was given effect retrospectively from April 1 this year, resulting in duty drawback dues to certain exporters.

In the normal course, to avail themselves of drawback payments on retrospective basis, exporters would have had to make a supplementary claim and file five documents for each drawback export shipment.

The Delhi Exporters Association President, Mr S.P. Agarwal, noted that there are about 10 lakh cases of drawback exports shipment from April 1 to July 10 this year and this meant that about fifty lakh documents had to be submitted by exporters.

This is a welcome step and we are thankful to the Government for accepting our request. It was not practical for exporters to file such a large number of documents and for customs to verify this and then give the differential drawback, he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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