Notification No. 05/2014-Cus. (NT) Dated: January 21, 2014 read with Circular No. 3/2014-Cus, Dated: January 30, 2014 has amended Duty Drawback Rates for a dozen chapters with effect from 25.01.2014. These amendments have been made on account of representations received from Export Promotion Councils, Trade Associations, individual segments of industry, as well as feedback from field formations and other Departments. A detailed list can be downloaded from www.cbec.gov.in.
The Central Government has amended the Notification No. 98/2013-Customs (N.T.) dated September 14, 2013 vide Notification No. 05/2014-Customs (N.T.) dated January 21, 2014 (“the Notification”), to provide new drawback rates for several Products exported out of India. The Notification shall come into force on January 25, 2014.
In this context, please find link below of the Notification:
Duty Drawback is governed by Section 74 to 76 of the Customs Act, 1962 and Notifications issued there under read with the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 (“the DBK Rules”). Duty Drawback rates are of following types:-
- All Industry Rates (“AIR”) are fixed by the Directorate of Drawback, Dept. of Revenue, Ministry of Finance, and Govt. of India for standard products under Rule 3 of the DBK Rules. These rates are periodically revised.
- Brand Rate is fixed under Rule 6 of the DBK Rules for special types of products on the application made by the manufacturer within stipulated time.
- Special Brand Rates – Where AIR is less than four-fifth of the duties or taxes paid on the materials or components or input services used in the production or manufacture of the said goods. Special Brand Rate can be are fixed under Rule 7 of the DBK Rules on an application made by the exporter.
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Bimal Jain
FCA, FCS, LLB, B.Com (Hons)
FCA, FCS, LLB, B.Com (Hons)
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