The same was also informed to the relevant Drawback authorities. Interest at the rate of 15% P.A. Thus, rate of interest on advances made to the exporters under the Scheme is to be very nominal, as otherwise the advance is interest free. For any enquiry in connection with non-credit of the drawback amount, please contact the concerned custom location and/or the concerned bank. Date modified: 2016-07-14 Refunds are only allowed upon the export/destruction of the imported merchandise or a valid substitute, or the export/destruction of a certain article manufactured from the imported merchandise or a valid substitute. Already by pressing the provisions of warehousing, duty of customs is deferred. For exports made during this transition period, the exporter can claim All Industry Rate (AIR) or Brand rate of drawback for Customs, Central Excise Duties and Service Tax subject to certain additional conditions. 30.9.2017 by continuing the extant Duty Drawback scheme and amending the Drawback Rules, 1995 vide Notification No. (vii) The interest free advance will be given for 90 days. Others 15%: Excise Duty (Section 11AA of the Excise Act) 15%: Notification No. These rates are fixed taking into consideration the amount of Customs duty or the Central Excise duty or both paid on the inputs of the export product. Interest at rate of 13% in terms of Notification No. Under Duty Drawback Scheme, an exporter can opt for either All Industry Rate (AIR) of Duty Drawback Scheme or Brand Rate of Duty Drawback. The interest rate will be between 10% to 30% as may be fixed by Board from time to time. – It is clarified that duty drawback may be permitted on FoB value without deducting foreign bank charges. Details of Duty Drawback Claim, Refund, Rules and Duty Drawback Scheme. Lower interest rate. (vi) It does not cover the shipment of goods for which no drawback rate has been fixed. When filing Reconciliations, filers need only calculate using the rate for underpayments, interest on overpayments (refunds) will be calculated by CBP. The annual indexation increase is based on the movement in the All Groups Consumers Price Index (excluding credit services) over the 12-month period to 30 September 2016. The editing revisions made in this memorandum do not affect or change any of the existing policies or procedures. What Is Drawback? Cases where amount or rate of drawback has not been determined. Brand rate of duty drawback is granted in … Rate of Duty Drawback available was 0.15% if they wanted refund of IGST or Inputs GST. However, as the Taxpayer was suffering from cash crunch and was in dire need of the refund amount, the balance drawback i.e. I. Interest Rates: The interest rates applicable are determined by the Internal Revenue Service and are published quarterly in the Federal Register. 6. 58/2017-Cus (N.T.) However, interest rate of 24 % is applied when the demand of duty is raised by way of giving notice and in cases of contravention of the conditions of warehousing bond. Traditionally, drawback was a refund of duties paid on materials or components which were previously imported into the United States and used here in the manufacture or production of goods for export. 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