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: cpt :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

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