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Government Notifies New Duty Drawback Rates 2020
The Government of India has so far always upheld the goal of export promotion in India. The motive of the government has been dependably to help exporters to expand their business globally. In light of a genuine concern for the exporters, the administration has over and again revised the Duty Drawback Rates, countervailing duty rates, and anti-dumping duty rates. The principle goal behind such approaches has dependably been to expand the export-import business.
With a view to encouraging the exports from India, the Central Board of Indirect Taxes and Customs (CBIC) has now revised the Duty Drawback Rates.
1. What do we mean by the term Duty-drawback?
The term 'Duty-drawback' is a term given to the fractional refund of the Basic Customs Duty, Central Excise duty and all other indirect duties or tolls (levies) paid by the importers having Import export code to the Government of India so as to import their supplies.
2. What are those amendments of Duty Drawback Rates?
The Central Board of Indirect Taxes and Customs (CBIC) have as of late advised the Revised All Industry Duty Drawback Rates for the financial year 2019-20. These rates will be relevant with effect from 4th February 2020.
The reconsidered arrangements of Duty Drawback Rates are significant to the merchants having Import export code. The amendments in the predetermined goods of exports and are liable to procedural compliances as advised. A portion of the modified arrangements of Duty Drawback Rates is given in this article.
3. The Duty Drawback Rates on live animals?
The Duty Drawback Rates on live animals are given below-
|
Particulars |
Duty Drawback Rates 2020 |
|
Live Horses, Asses, Mules & Hinnies |
Nil |
|
Live bovine animals |
Nil |
|
Live swine |
Nil |
|
Live sheep and goats |
Nil |
|
Live poultry, i.e. fowls of the species |
Nil |
|
Ducks, geese, turkeys & guinea fowls |
Nil |
|
Other live animals |
Nil |
4. Duty Drawback Rates on meats
The Duty Drawback Rates on different kind of meats are given below-
|
Particulars |
Duty drawback rate |
|
The meat of bovine animals, fresh and chilled |
0.15% |
|
The meat of bovine animals, frozen |
0.15% |
|
The meat of sheep or goats, fresh, chilled or frozen |
0.15% |
|
Edible offals of bovine animals, swine, sheep |
0.15% |
|
Meats of goats, horses, asses, mules or hinnies, fresh. |
0.15% |
5. Duty Drawback Rates on dairy products
The Duty Drawback Rates on different kind of dairy products are given below-
|
Particulars |
Duty drawback rate |
|
Milk and cream, not concentrated nor containing added sugar or other sweetening matter |
0.15% |
|
Milk and cream concentrated or containing added sugar or other sweetening matter |
0.15% |
|
Buttermilk, curd and cream, yogurt, kephir and other fermented or acidified milk and cream, concentrated or not, containing added sugar or other sweetening matter or flavored or containing added fruit, nuts or cocoa. |
0.15% |
These are the different Duty drawback rates applicable to various kinds of commodities. The traders and merchants need to follow these new rates while availing the duty drawback on the import of these goods. Moreover, the exporters need to have a unique Import export code in order to export these commodities.
If you need any sort of assistance regarding Import export code registration, please feel free to contact our business advisor at 8881-069-069.
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