The exporter shall be entitled to refund on the basis of the volume of export

The exporter shall be entitled to refund on the basis

This preview shows page 44 - 48 out of 96 pages.

The exporter shall be entitled to refund, on the basis of the volume of export and as may be prescribed, the custom duties, excise and value added tax levied on raw materials,
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45 auxiliary raw materials and packaging materials used in the goods so caused to be produced. 17.22. In order to simplify the duty draw back system available for exporting goods, the same rate shall be fixed for the industries of the same nature based on consumption of the raw materials. Provisions shall be made for getting the draw back facilities from the bank which has carried out the export transaction. In case of the industries to which no same rate could be fixed, the existing procedures shall also be continued. 17.23. The facility of duty draw back entitled to industries shall compulsorily be made available to the exporter on the basis of volume of export within a period of forty-five days on which the application was submitted. 17.24. The product or service sold by an industry so as to earning foreign currency within the country having taken part in an international tender shall be made available the facility of duty draw back as the deemed export. Such a facility shall be made available within on which the application was submitted. 17.25. If an industry sells its products within the country so as to earning foreign currency; the fee, tariff required for the production and the custom duty, excise and value added tax
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46 levied on the raw materials, auxiliary raw materials and packaging materials used in the production shall be refunded regarding it as the deemed export. Such facility shall be made available within a period of forty-five days of the date on which the application was submitted. 17.26. If an industry that produces semi-processed or semi- readymade intermediary goods sells its products to an industry that produces other main goods, such an industry shall be entitled to adjust the excise and value added tax levied on such goods in the tax account based on the volume of the goods used by the industry. However, in order to enjoy this facility, such an industry shall have to be registered for the purpose of value added tax or excise. 17.27. The custom duty levied on the raw materials, auxiliary raw materials and packaging materials required for own products of an industry may normally be fixed at one slab less than the custom rate to be levied on the readymade goods to be imported which is made of such raw materials. In the case of import of the goods which is levied less than one percent in the minimum, the custom rate shall be fixed by 25% in the minimum. 17.28. Only one percent custom duty shall be levied on machinery, transformer, generator, industrial equipment and instrument imported by an industry for its own purpose. Moreover, one
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47 percent custom duty shall be levied on machinery and equipment to be imported for research and development (R&D) including the machinery, scientific instrument, and
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