Duty Drawback Scheme

With a view to encouraging exports from a country, the scheme for refund or reimbursement of customs duty, etc. levied on the input goods has been in place, which is referred to as Duty Drawback Scheme. The Continental Congress introduced the scheme in the year 1789 for limited merchandise. However, the scope includes Agricultural products, Automotive, Consumer goods, metal and alloys, petrochemicals besides the pharmaceuticals and medical equipment. Duty Drawback Conditions The goods should have been imported by paying the necessary duty. The goods should have been identified by the authorities concerned at the time of import The documentation of shipping through sea/land/post/air for export The market price should have been more than the drawback claim claimed Buy imported products from the domestic market for prospective export Sell the imported products to domestic customers for export at a later stage If the answer for the above questions is affirmative, it would...