TaxTMI 
TaxTMI 
Regularisation of VABAL in case of shortfall in value or quantity or both
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....bject:- Regularisation of VABAL in case of shortfall in value or quantity or both. Sir, Attention is invited to Para 128 B(ii) of the Handbook of Procedures for the year 1992-97 (RE-96) under which if the shortfall in terms of quantity or value or both is not more than 15% of the total export obligation imposed, a request for pro-rata reduction in terms of quantity and/or value may be consid....
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....licence percentage of fulfillment of export obligation may be seen both in terms of quantity as well as in terms of value and the lesser of these two may be taken into account for working out the proportionate import. (ii) CIF value may be reduced corresponding to the fulfillment of export obligation as indicated in paragraph 3(i) above i.e. percentage of fulfillment in terms of quantity and pe....
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....pect of sensitive items the import will be allowed strictly as per the quantity of exports and on the balance import the duty along with the interest and SIL will have to be paid. (vi) However, these guidelines will not be applicable to the cases which have already been adjudicated upon and these cases will not be re-opened. 4. These principles are illustrated by the following examples:- ....
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....than 90% of the total CIF value, case will be regularised. In case the CIF value actually utilised is more than this reduced CIF value, then the Duty entitlement available to the party will be calculated corresponding to this value vis-à-vis total CIF value and total duty benefit availed, without converting the VABAL into QBAL. Applicant will be required to pay Customs Duty (total duty availed - ....