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All Industry Rates of Duty Drawback updated; exporters must follow new rates, caps, composite-rate rules and service-tax adjustment. Notification of the All Industry Rates (AIR) of Duty Drawback 2012-13 takes effect 10 October 2012 and revises drawback rates using inputs such as input prices, input-output norms, import shares, FOB export values, excise and customs duties, service-tax incidence on input services, and fuel duty. The Schedule adjusts rates and tariff entries-raising many AIRs, reducing some (including DEPB-derived entries), reworking the residuary rate into composite/customs components, assigning or modifying drawback caps in selected cases, creating separate tariff entries and unit changes, and restoring drawback for specified items. Composite rates are subject to restrictions where Cenvat or excise rebates apply. The Board directs perusal of the Schedule, cautions against double refunds of service tax, and requests reporting of errors and issuance of guidance.
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All Industry Rates of Duty Drawback updated; exporters must follow new rates, caps, composite-rate rules and service-tax adjustment.
Notification of the All Industry Rates (AIR) of Duty Drawback 2012-13 takes effect 10 October 2012 and revises drawback rates using inputs such as input prices, input-output norms, import shares, FOB export values, excise and customs duties, service-tax incidence on input services, and fuel duty. The Schedule adjusts rates and tariff entries-raising many AIRs, reducing some (including DEPB-derived entries), reworking the residuary rate into composite/customs components, assigning or modifying drawback caps in selected cases, creating separate tariff entries and unit changes, and restoring drawback for specified items. Composite rates are subject to restrictions where Cenvat or excise rebates apply. The Board directs perusal of the Schedule, cautions against double refunds of service tax, and requests reporting of errors and issuance of guidance.
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