Section 74 Drawback

It reads as under.

Section 74 drawback. The manner and time limit for filing the claims are governed by re export of imported goods drawback of customs duties rules 1995. Dated 20 10 2011 read with circular no 35 2013 customs which strengthened the assessment practice for export under section 74 of the customs act 1962 with respect to whether identity of the goods is established or not as the same goods which were earlier. Section 74 in the customs act 1962.

One is called drawback under section 74 of the customs act 62 which allows drawback of duty paid on goods originally imported on payment of duty and subsequently re exported. The central government is empowered to grant duty drawback under section 74 and 75 of the customs act 1962. Then an exporter is eligible to claim 98 of the duty paid by him as drawback under section 74.

Re export under section 74 of customs act 1962 regarding. 1985 allows drawback on re export of duty paid goods. Drawback under section 74 on re export under section 74 1 of the customs act ninety eight percent of the import duty paid will be allowed as drawback.

Notwithstanding anything contained in sub section 1 the rate of drawback in the case of goods which have been used after the importation thereof shall be such as the central government having regard to the duration of use. Re export of imported goods drawback of customs duties rules 1995. The goods under export are identified to the satisfaction of the assistant deputy commissioner of customs as the goods which were imported.

Under section 74 of the customs act 1962 duty drawback to the extent of 98 percent of the duty paid on imported goods can be claimed for re export provided the goods are re exported within two years of payment of import duty. Promulgated under notification no 36 95 cus nt dated 26 05 1995 as amended in exercise of the powers conferred by section 74 of the customs act 1962 52 of 1962 the central government has read more. Section 74 section 74 of the customs acc 1962 as amended vide customs amendment act.

When any goods capable of being easily identified which have been imported into india and upon which any duty has been paid on importation. As per section 74 if the re exports of imported goods which are identified quickly and within two years from the date of payment of duty on the importation.