Change in Duty Drawback Rates w.e.f 03rd May 2024
CBIC announced changes in the Duty Drawback rates on certain products effective from 03.05.2024.
The Notification No. 33/2024-CUSTOMS (N.T.) Dated 30.04.2024 was issued to this effect.
The Major chapter for which products the changes have been notified include
Chapter No. 3,16,42,63,72,75,81,85,87,88 & 93.
Exporters specially of these chapters may check the new applicable Duty Drawaback rates effective from 3rd May 2024.
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Exporters to apply NEW GST LUT for FY 2024-25
As per the GST Rules and Procedure, Exporters exporting without payment of tax, needs to apply for Letter of Undertaking (LUT). The LUT is valid for every financial year.
Thus, as we come close to the financial year 2023-24 and the new FY 2024-25 will begin from 01st April 2024.
We wish to draw your attention that exporter must visit the GST portal and submit the new Letter of Undertaking (LUT) for the Financial Year 2024-25.
The Procedure is simple and will take not more than 5 mins online.
So to avoid any last minute hassles and challenges, request exporters, to visit the GST Portal today and submit and get their new LUT ARN No. for FY 2024-25.
Regards
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