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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The CBIC in amdendment to the previously notified All Industry Rate Duty Drawback has notifed revised rates vide Notification No. 77/2023- Customs (N.T) Dated 20th Oct, 2023.
Following are some key points which may be noted:
1.The tariff items and descriptions of goods in the said Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) at the four-digit level only. The descriptions of goods given at the six digit or eight digits in the said Schedule are in several cases not aligned with the descriptions of goods given in the First Schedule to the Customs Tariff Act, 1975
2.The figures shown in column (4) in the said Schedule refer to the rate of drawback expressed as a percentage of the free on board value or the rate per unit quantity of the export goods, as the case may be.
3. The figures shown in column (5) in the said Schedule refer to the maximum amount of drawback that can be availed of per unit specified in column (3).
4. Drawback at the rates specified in the said Schedule shall be applicable only if the procedural requirements for claiming drawback as specified in rule 12, 13 and 14 of the said rules, unless otherwise relaxed by the competent authority, are satisfied.
5. The Notification and rates will come into force on 30th October 2023.
Exporters my refer to the Notification from the link below:
https://taxinformation.cbic.gov.in/view-pdf/1009920/ENG/Notifications
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