The Central Board of Indirect Taxes and Customs (CBIC) on July 15, 2020 amends all the industry rates of Duty Drawback. The amendments have been made in the notification issued by the Ministry on July 13, 2020 vide notification no. 56/2020- Customs (N.T.).
Following amendments have been made in the notification:
• AIR’s have been enhanced for certain footwear items made from leather and Gold jewellery.
• AIRs of Duty Drawback have been rationalised for silver jewellery or articles covered under Chapter 71.
• Vinyl Sulphone Ester is currently classified for duty drawback purpose under Tariff Item (TI) 292205. Considering its proper classification under Customs Tariff Heading 2930, a separate entry for Vinyl Sulphone Ester is being inserted under TI 293001. The duty drawback rate and cap amount for the item remain unchanged. The existing entry for Vinyl Sulphone Ester (TI 292205) has been deleted.
• Description of TIs 870301, 870303, 870305 and 870307 pertaining to motor cars of various engine capacities with Manual Transmission (MT) has been changed. The amended description now includes motor cars with Automated Manual Transmission (AMT) in the respective tariff items. The change in description will allow motor cars with AMT to claim the same AIRs of duty drawback as given to motor cars with MT.
This Order shall come into effect from July 15, 2020.
[Circular No. 33/2020]
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