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Taxation Central Ministry of Finance Customs Act, 1962

Amendments to the All Industry Rates of Duty Drawback effective from 03.05.2024

07-May-2024 | Circular No 04/2024-Customs

Central Board of Indirect taxes and Customs has issued a circular on Amendments to the All Industry Rates of Duty Drawback, effective from 3rd May 2024. The key highlights are: 1. In the Notes and conditions, a new Para (13A) is inserted clarifying that the term "counts" used in Chapter 52 shall mean "counts in New English (Ne)". 2. AIRs/caps of Duty Drawback have been enhanced for some items and for export in defense sector, AIRS of duty drawback have been provided. 3. Cap of Duty Drawback have been rationalized for "Golf Gloves made of leather in combination with textile materials" under TI 420304. 4. New tariff items are created to allow better differentiation of export product. 5. Descriptions of TIs 420303 and 420304 have been changed as "Golf Gloves made of leather" & "Golf Gloves made of leather in combination with textile materials". For more information, please refer the attachment.

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