9911796707
TMI BlogChanges in Customs duty, Additional Customs duty rates and drawbackX X X X Extracts X X X X X X X X Extracts X X X X ..... Changes in Customs duty, Additional Customs duty rates and drawback X X X X Extracts X X X X X X X X Extracts X X X X ..... ty of customs [@4%] was fully exempted w.e.f 3.4.2007. This exemption has now been withdrawn. Consequently, imported cement will attract countervailing duty equal to applicable excise duty, and also special additional duty of customs @ 4%. On zinc, customs duty was fully exempted w.e.f 29.4.2008. This exemption has been withdrawn, and the customs duty rate has been restored to the earlier rate o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 5%. On ferro-alloys, customs duty was fully exempted w.e.f 29.4.2008. Subsequently w.e.f 31.10.2008, customs duty on certain ferro-alloys, namely, ferro-molybdenum and ferro-vanadium was restored to the earlier rate of 5%. Now, the exemption provided on all other ferro-alloys has also been withdrawn, and the customs duty rate on all ferro-alloys has been restored to 5%. On TMT (thermo-mechan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ically treated) bars and structurals, Additional Customs duty was fully exempted w.e.f 29.4.2008. This exemption has been withdrawn. Consequently, imported TMT bars and structurals will attract Additional Customs duty of 10%. These changes are intended to provide a level playing field to the domestic industry. Notification No. 2/2009-Customs dated 2.1.2009 has been issued to implement these chan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ges with immediate effect, was issued today. Drawback changes The drawback schedule for the financial year 2008-09 was notified with effect from 1st September, 2008. Thereafter, the Government has received several representations from exporters seeking revision in these rates, which have been examined by the Drawback Committee headed by Dr. Saumitra Chaudhury, Member, Economic Advisory Council ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to P.M. Based on these recommendations, the following changes are being carried out in the drawback schedule: The drawback rates have been enhanced in respect of the following items: a. On cotton knitted fabrics, from 4.5% to 5%; b. On man-made knitted fabrics, from 8.7% to 8.9%; c. On woollen knitted fabrics, from 5.7% to 5.8%; and d. On agricultural/horticultural/forestry hand tools, f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom 8.5% to 10% (with a cap of Rs.7.5 per kg). The Value cap has been enhanced in respect of the following items: a. Cotton yarn, grey from Rs.8.00 per kg. to Rs.12.00 per kg.; b. Complete bicycles from Rs.203 per piece to Rs. 240 per piece; and c. Stainless steel cutlery and knives from Rs.23.50 per kg. and Rs.19.80 per kg. respectively to Rs.28.00 per kg. In the case of texturised/twis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted yarn of Polyester manufactured from partially oriented yarn (POY), on which terminal excise duty has been paid, the drawback rates are being revised to include the central excise portion. All the above changes in drawback are being implemented with effect from 1st September, 2008. Drawback will henceforth be also allowed on boots/half boots/shoes of leather cum synthetic/textile materials at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10.5% subject to a value cap of Rs.110 per pair. The details of these changes are contained in the relevant Notifications being issued today. See: Customs - Notification No. 02/2009-Cus., -Cus dated -02-01-2009 - Effective Rate of Customs Duty Customs - Notification No. 1/2009-Cus., (N.T.)-Cus(NT) dated -02-01-2009 - Change in Rates of Duty Drawback Customs - Notification No. 2/2009-Cus., (N. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T.),-Cus(NT) dated -02-01-2009 - Change in Rates of Duty Drawback
******** X X X X Extracts X X X X X X X X Extracts X X X X
|
