The Department of Revenue vide notification dated 24th September, 2021 has notified the manner to issue duty credit for goods exported under the Scheme for Rebate of State and Central Taxes and Levies. As per the notification, the value of the said goods for calculation of duty credit to be allowed under the Scheme shall be the declared export FOB value of the said goods or up to 1.5 times the market price of the said goods, whichever is less.
Duty credit shall be issued by Customs in excess of the ineligible amount of duty credit pertaining to the unrealized portion of sale proceeds against export of goods made earlier. If the Principal Commissioner of Customs or Commissioner of Customs has reason to believe, on the basis of risk evaluation or on the basis of inquiry, that the claim of duty credit made by an exporter on export goods may not be bona fide, he may direct, for reasons to be recorded in writing, to allow duty credit after realization of sale proceeds of such exports.
