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In order to provide immediate relief to taxpayers, especially MSMEs during the lockdown period on account of the COVID-19 pandemic, the CBIC vide Instruction No. 03/2020 dated 09 April 2020 had implemented a Special Refund and Drawback Disposal Drive for immediate disposal of drawback claims.
Now, the CBIC vide Instruction No. 21/2020 – Customs dated 16 December 2020 has directed the State to reduce pendency and improve rate of disposal of claims. The CBIC informed that as per the decision of the National Committee on Trade Facilitation, at least 90% of drawback should be credited within a time period of 3 days. CBIC further instructs that the refund may be deposited into the customers’ account in T+2 days.
In respect of payment of duty drawback by banks to the exporters’ account, the CBIC reiterated that in terms of Circular dated 24.04.2018, the authorised banks shall credit / refund the drawback account to the exporters’ accounts either on the same day of receiving Computerized Customs Drawback Advice along with the supporting cheque or on the next working day.
The information provided in this update is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This update is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/ quasi judicial authorities may not take a position contrary to the views mentioned hereinrra quis.
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