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Report on IIF New Building Inaugural Brief Report of 67th Indian Foundry Congress Inauguration of Faridabad Chapter of The Institute of Indian Foundrymenat MRIIRS on 29th October, 2018

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Pay additional duty in cash for refunds: CBEC to exporters

The Central Board of Excise and Customs has said that exporters should pay their Special Additional Duty of customs in cash if they want a refund.

Exporters generally claim refund of the additional duty component levied on inputs imported by them for export production.

SAD is levied on imports by the Central Government to give a level playing field to domestic industry. The 4 per cent SAD is equivalent of the local levies imposed on a similar product on domestic sales.

All Chief Commissioner of Customs have also been directed to ensure that all pending applications for refund of 4 per cent SAD paid through Duty Entitlement Passbook (DEPB) scrips are disposed of by the month end.

The Chief Commissioner may constitute a special team to liquidate these refund claims, said a CBEC circular. A report in this regard should be sent to the Board by May 4, the circular added.

This stance of the CBEC would imply that henceforth DEPB scrips cannot be used for re-credit of SAD payment.

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