New Delhi: In a big relief to exporters, the government had decided to credit all duty drawback claims made by them within a period of three days. The Central Board of Indirect Taxes and Customs (CBIC) has instructed all zones under its jurisdiction to immediately take necessary action that will facilitate credit of drawback claims within a period of three days.
The board has estimated that at least 90 per cent of drawback could be credited following the shorter credit period.
To reduce the pendency and improve the rate of disposal of duty drawback claims, various timelines relating to duty drawback scheme have already been conveyed in the Action Plan of CBIC for 2020-21.
The plan envisages disposal of all drawback claims for the year by March 31,2021. And while adhering to the deadline, the target of disposing drawback within 7 working days should be achieved.
The seven day timeline includes, credit of drawback within a time period of 3 days, deposit of refunds into the customer account in T+2 days and credit/ refund of drawback by banks into exporters account either on the same day of receiving the Computerized Customs Drawback Advice along with the supporting cheque or on the next working day.
To ensure that its instruction are strictly followed, CBIC has directed all Zones to also prepare an action taken report and sent it to the board by December 25.
(With IANS Inputs)