Refund of 4% CVD (SAD) — Extension of time upto 30th June 2012 for using re-credited 40/0 CVD [SAD] amount in DEPB - Customs - PUBLIC NOTICE NO. 95/2012.

GOVERNMENT OF INDIA MINISTRY OF FINANCE, DEPARTMENT OF REVENUE OFFICE OF THE COMMISSIONER OF CUSTOMS CUSTOM HOUSE, NEW No.60, RAJAJI SALAI, CHENNAI - 600 001, File No S. Misc/139/2010-DEPB Dated: 02.05.2012 PUBLIC NOTICE NO. 95/2012. Sub: Refund of 4% CVD (SAD) - Extension of time upto 30th June 2012 for using re-credited 40/0 CVD [SAD] amount in DEPB - regarding. Kind attention of the Trade is invited to this Commissionerate Public Notice No. 55/2012 dated 08.02.2012 issued on the basis of CBEC circular No. 02/2012-Cus dated 16.01.2012 giving a time limit upto 31.03.2012. Further to the above, the CBEC vide their Circular No 10/2012- cus dated 29.03.2012 in F. No 401/16/2012-Cus.III had laid further procedure for refund of 4% CVD (SAD) 2. This office Public Notice No.55 / 2012 dt. 8.2.2012 (issued in lieu of Board's Circular No.2/2012 Cus. Dt. 16.1.2012( provides the facility of manual filing of Bill of Entry for utilizing the amount: of re- credited 4% CVD (SAD) refunds for payment of duty by debits to the re- credited DEPB/Reward Scheme scrips upta 31.3.2012. However, several representations have been received from trade and industry by the CBEC to extend the time limit for using re-credited 4% CVD (SAD) amount in DEPB as they have not been able to utilize the re credited DEPB/Reward Scheme scrips within the stipulated time. 3. The matter has been examined by CBEC in consultation with Director General of Foreign Trade (DGUP) and it has been decided to extend time limit for using re-credited DEPE Scrips/Reward Scheme scrips m case of 4% C VD (SAD) upto 30th June 2012, and no further extension shall be given under any circumstances. 4. Board also reiterates Para 8 of Board's Circular No 27/2010-customs dated 13.08.2010 wherein it was mentioned that in the interest of ensuring expeditious grant of refund of 4% SAD, the importers are hereby advised to make initial payment of 4% CVD in cash. DGFT has also informed that no re-crediting shall be done if such payment is made by means of scrips In other words, in future exporters should pay SAD component cash if they want a refund. In this context, the importers are also advised to note that re-credit amount of CVD refund should be used for payment of BCD and CVD only and not for payment of 4% CVD [SAD] so as to avoid cascading of subsequent re-credit of 4% CVD in the relevant scrips. Authority: CBEC Circular No. 10/2012 dated 29.03.20 12 in F No 401/ 16/2012-cus.III [ALOK SBUKLA] COMMISSIONER OF CUSTOMS [EXPORTS]