CBIC Updates Duty Drawback Rates: New Rules for Marine Products, Golf Gloves, and Defense Sector Effective May 2024.

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....The Circular No 04/2024-Customs issued by CBIC, highlights the amendments to the All Industry Rates (AIRs) of Duty Drawback effective from 03.05.2024. Changes include clarifying the unit of "counts" in Chapter 52 as "counts in New English (Ne)" and enhancing AIRs/caps for various items like marine products, bags, linen articles, radar apparatus, unmanned aircraft, and rationalizing caps for specific goods like Golf Gloves. New tariff items are created for better product differentiation, and descriptions for Golf Gloves are modified. Additionally, duty drawback rates are provided for defense sector products. Trade/field formations are advised to issue suitable Public Notice/Standing Order for guidance, and any implementation challenges should be reported to the Board.....