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FIEO acknowledges Finance Minister to allow higher duty drawback on self-certification: FIEO President

Federation of Indian Export Organizations (FIEO) has welcomed the recently issued customs circular no. 32/2017. Ganesh Kumar Gupta, President, FIEO said that “the exporters were facing problems as they were asked to furnish a certificate from tax authorities stating that exporters will not claim benefits under the new GST regime if he claims higher duty drawback. Tax authorities were not issuing such certificate and, in its absence, grant of lower drawback was not only affecting the liquidity but also administrative work at exporter’s end.”

Gupta also said that FIEO took up the matter through Ministry of Commerce and Finance to allow composite drawback rate on self-certification instead of certificate from GST authorities.” We are delighted that the government has agreed to our logical suggestion and issued customs circular providing higher Drawback on self-certification. This move will save the transaction time and cost for exporters and benefit micro and small exporters of Handicraft, Textiles, Carpets, Engineering, etc.”

President FIEO also requested exporters to do their own calculation even while claiming higher drawback as they have to forego IGST refund/ITC refund/carry forward of CENVAT credit.

 

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