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of <h1>Section 74 Customs Act: 98% Duty Refund on Re-exported Goods Within Two Years; Conditions Apply for Used Goods.</h1> Section 74 of the Customs Act, 1962, outlines the provisions for granting a drawback on re-exported duty-paid goods. It allows for a 98% refund of import duty if the goods, capable of being easily identified, are re-exported within two years of importation. The goods must be identified to the satisfaction of customs officials. The period for re-export can be extended by the Board upon sufficient cause. If the goods have been used post-import, the drawback rate is determined by the Central Government based on usage and depreciation. Rules may be established for identification, claim filing, and specifying non-identifiable goods.
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