Policy Info > Duty Drawback Rates Duty Drawback Rates : Duty Drawback 2019-20 Duty Drawback 2018-19 Duty Drawback 2017-18 Duty Drawback 2016-17 Duty Drawback 2015-16 Duty Drawback 2014-15 Duty Draw Back 2013-14 Duty Draw Back 2012-13 Duty Draw Back 2011-12 Duty Draw Back 2010-11 Duty Draw Back 2009-10 These numbers do not guarantee eligibility, but they provide an estimated figure on the potential refund. Duty Drawback, or the 301-1A, is a process by which an entity, known as the claimant, may recover up to 99% of the duty they paid on goods to enter those goods into the country & then either exported or destroyed those goods. Interest at the rate of 15% P.A. (a) Accordingly, where any drawback payable to a claimant under section 74 or 75 is not paid within a period of one month from the date of filing a claim for payment of such drawback, there shall be paid to the claimant, in addition to the amount of drawback, interest at the … Others 15%: Excise Duty (Section 11AA of the Excise Act) 15% INTEREST PAYMENT. Any amount collected as Service tax but not deposited 24%: Notification No. GUIDELINES FOR APPLICANTS. For payment of interest on delayed refund of duty drawback/terminal excise duty on deemed exports/ CST on supplies to EOU. Tips for Calculating Your Potential Drawback Refund. (2A) The payment of any duties or interest under this sections shall be made:- (a) in the case of an entry lodged by electronic transmission to the Tax/Duty: Rate of Interest on delayed payment (Per Annum) Notification No. 1. 29. One is called drawback under Section 74 of the Customs Act, 62 which allows drawback of duty paid on goods originally imported on payment of duty and subsequently re-exported. The Central Government is empowered to grant duty drawback under section 74 and 75 of the Customs Act, 1962. Any person who receives a drawback of duties other than those levied under SIMA, shall receive, in addition to the drawback, interest at the prescribed rate, starting on the ninety-first day after the application for the drawback is received by the CBSA, and ending on the day the drawback is granted. The claimant may file a claim with Customs up to 3 years from the date of exportation or destruction. Effective from: Service tax (Section 75 of the Finance Act, 1994) a. The decision is expected to help improve cash flows of exporters. Duty Drawback Calculator (Online Tool) October 30, 2019. Tips for Calculating your Potential Return Duty Drawback 2019-08-22T12:46:43-04:00. 8% of the amount of the unpaid duty for each 5 day period or part thereof for which the duty remains unpaid from the date for payment specified in the notice until the duty is paid. Under section 74 of the Customs Act, duty drawback to the extent of 98 percent of the duty paid on imported goods can be claimed for re-export, provided the goods are re-exported within 2 years of payment of import duty. Note: Interest is payable by the claimant on erroneous refund of duty drawback @ 15% per annum for the period beginning from the date of payment of such drawback to the claimant, till the date of recovery of such drawback [Section 75A(2) of the Customs Act, 1962]. Use this calculator to evaluate potential duty drawback refunds. 13/2016-ST dated March 1, 2016: Enactment of Finance Bill, 2016: b. There are several factors to consider when estimating your potential drawback refund. There are two types of drawback. 30. A new Section 75 A has been incorporated in the Customs Act to provide for payment of interest on delayed payment of drawback. The Centre on December 17 reduced the timeframe for processing of duty drawback claims to three days from seven days. is payable to the exporters if the claim is not settled within three months from the date of … Interest on drawback [Section 75A] : Section 75A provides for payment of interest on delayed payment of drawback. Remember there are many facets of duty drawback with inclusions and exclusions, rules and regulations. (iii) Calculation sheet for interest claimed. 1. The manner and time limit for filing the claims are governed by "Re- export of Imported Goods (Drawback of Customs duties) Rules, 1995. Expected to help improve cash flows of exporters 2016: Enactment of Bill. A new Section 75 a has been incorporated in the Customs Act to provide payment. 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