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Question
Which of the following does not form part of duty drawback scheme?
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Solution
The correct option is D Refund of income dock charges at the port of shipment
Since
goods meant for exports are not
consumed domestically, these are not
subjected to payment of various excise
and customs duties. Any such duties
paid on export goods are, therefore,
refunded to exporters on production of
proof of exports of these goods to the
concerned authorities. Such refunds
are called duty draw backs.Some
major duty draw backs include refund
of excise duties paid on goods meant
for exports, refund of customs duties
paid on raw materials and machines
imported for export production. The
latter is also called customs drawback.
Since goods meant for exports are not consumed domestically, these are not subjected to payment of various excise and customs duties. Any such duties paid on export goods are, therefore, refunded to exporters on production of proof of exports of these goods to the concerned authorities. Such refunds are called duty draw backs.
Some
major duty draw backs include refund
of excise duties paid on goods meant
for exports, refund of customs duties
paid on raw materials and machines
imported for export production. The
latter is also called customs drawback.
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