Bare Act Search Results

Customs Act, 1962 Chapter 10

Title: Drawback

State: Central

Year: 1962

.....per cent of suchduty shall, except as otherwise hereinafter provided, be repaid as drawback, if-- (a) the goods areidentified to the satisfaction of the 2 [Assistant Commissioner of Customs orDeputy Commissioner of Customs] as the goods which were imported ; and (b) the goods areentered for export within two years from the date of payment of duty on theimportation thereof : Provided that in any particular casethe aforesaid period of two years may, on sufficient cause being shown, beextended by the Board by such further period as it may deem fit. (2) Notwithstanding anythingcontained in sub-section (1), the rate of drawback in the case of goods whichhave been used after the importation thereof shall be such as the CentralGovernment, having regard to the duration of use, depreciation in value andother relevant circumstances, may, by notification in the Official Gazette,fix. 3 [(3) The Central Governmentmay make rules forthe purpose of carrying out the provisions of this section and, in particular,such rules may-- (a) provide for themanner in which the identity of goods imported in different consignments whichare ordinarily stored together in bulk, may be.....

Customs Act, 1962 Section 75A

Title: Interest on Drawback

State: Central

Year: 1962

.....from the date after the expiry of the said period of5[two months] till the date of recovery of such drawback.] 6[(2) Where any drawback has been paid to the claimant erroneously or it becomes otherwise recoverable under this Act or the rules made thereunder, the claimant shall, within a period of two months from the date of demand, pay in addition to the said amount of drawback, interest at the rate fixed under section 28AB and the amount of interest shall be calculated for the period beginning from the date of payment of such drawback to the claimant till the date of recovery of such drawback.] ____________________ 1. Inserted by Act 22 of 1995, section 62 (w.e.f. 26-5-1995). 2. Substituted by Act 8 of 1999, section 2, for "period of three months" (w.e.f. 8-1-1999). 3. Substituted by Act 32 of 2003, section 115, for "two months" (w.e.f. 14-5-2003). 4. Proviso omitted by Act 32 of 2003, section 115 (w.e.f. 8-1-1999). 5. Substituted by Act 8 of 1999, section 2, for "three months" (w.e.f. 8-1-1999). 6. Inserted by the Finance Act, 2007.

Customs Act, 1962 Section 75

Title: Drawback on Imported Materials Used in the Manufacture of Goods Which Are Exported

State: Central

Year: 1962

.....a drawback should be allowed of duties of customs chargeable under this Act on any imported materials of a class or description used in the 4 [manufacture or processing of such goods or carrying out any operation on such goods], the Central Government may, by notifi­cation in the Official Gazette, direct that drawback shall be allowed in respect of such goods in accordance with, and subject to, the rules made under sub-section (2) : 5 [Provided that no drawback shall be allowed under this sub-section in respect of any of the aforesaid goods which the Cen­tral Government may, by rules made under sub-section (2), speci­fy, if the export value of such goods or class of goods is less than the value of the imported materials used in the 4 [manufacture or processing of such goods or carrying out any operation on such goods] or class of goods, or is not more than such percent­age of the value of the imported materials used in the 4 [manufacture or processing of such goods or carrying out any operation on such goods] or class of goods as the Central Government may, by notification in the Official Gazette, specify in this behalf : Provided further that where any.....

Customs Act, 1962 Section 76

Title: Prohibition and Regulation of Drawback in Certain Cases

State: Central

Year: 1962

(1) Notwithstanding anything hereinbefore contained, no drawback shall be allowed -- 1[***] ( b) in respect of any goods the market price of which is less than the amount of drawback due thereon ; ( c) where the drawback due in respect of any goods is less than2[fifty rupees]. (2) Without prejudice to the provisions of sub-section (1), if the Central Government is of opinion that goods of any specified description in respect of which drawback may be claimed under this Chapter are likely to be smuggled back into India, it may, by notification in the Official Gazette, direct that drawback shall not be allowed in respect of such goods or may be allowed subject to such restrictions and conditions as may be specified in the notification. ________________________ 1. Clause (a) omitted by Act 11 of 1983, section 53 (w.e.f. 13-5-1983). 2. Substituted by Act 11 of 1983, section 53, for "five rupees" (w.e.f. 13-5-1983).

Special Economic Zones Act, 2005 Section 26

Title: Exemption, Drawbacks and Concession to Every Developer and Entrepreneur

State: Central

Year: 2005

.....to carry on the authorised operations by the Developer or entrepreneur; (e) exemption from service tax under Chapter V of the Finance Act, 1994(32 of 1994) on taxable services provided to a Developer or Unit to carry on the authorised operations in a Special Economic Zone; (f) exemption from the securities transaction tax leviable under section 98 of the Finance (No. 2) Act, 2004(23 of 2004) in case the taxable securities transactions are entered into by a non-resident through the International Financial Services Centre; (g) exemption from the levy of taxes on the sale or purchase of goods other than newspapers under the Central Sales Tax Act, 1956(74 of 1956) if such goods are meant to carry on the authorised operations by the Developer or entrepreneur. (2) The Central Government may prescribe, the manner in which, and, the terms and conditions subject to which, the exemptions, concessions, drawback or other benefits shall be granted to the Developer or entrepreneur under sub-section (1).

Customs Act, 1962 Section 74

Title: Drawback Allowable on Re-export of Duty Paid Goods

State: Central

Year: 1962

.....per cent of suchduty shall, except as otherwise hereinafter provided, be repaid as drawback, if-- (a) the goods areidentified to the satisfaction of the 2 [Assistant Commissioner of Customs orDeputy Commissioner of Customs] as the goods which were imported ; and (b) the goods areentered for export within two years from the date of payment of duty on theimportation thereof : Provided that in any particular casethe aforesaid period of two years may, on sufficient cause being shown, beextended by the Board by such further period as it may deem fit. (2) Notwithstanding anythingcontained in sub-section (1), the rate of drawback in the case of goods whichhave been used after the importation thereof shall be such as the CentralGovernment, having regard to the duration of use, depreciation in value andother relevant circumstances, may, by notification in the Official Gazette,fix. 3 [(3) The Central Governmentmay make rules forthe purpose of carrying out the provisions of this section and, in particular,such rules may-- (a) provide for themanner in which the identity of goods imported in different consignments whichare ordinarily stored together in bulk, may be.....

Customs Act, 1962 Complete Act

State: Central

Year: 1962

.....agreement or convention with any country; (s) the compliance of imported goods with any laws which are applicable to similar goods produced or manufactured in India; (t) the prevention of dissemination of documents containing any matter which is likely to prejudicially affect friendly relations with any foreign State or is derogatory to national prestige; (u) the prevention of the contravention of any law for the time being in force; and (v) any other purpose conducive to the interests of the general public. SECTION 11A: DEFINITIONS In this Chapter, unless the context otherwise requires,- (a) "illegal import" means the import of any goods in contravention of the provisions of this Act or any other law for the time being in force; (b) "intimated place" means a place intimated under sub-section (1), sub-section (2) or sub-section (3), as the case may be, of section 11C; (c) "notified date", in relation to goods of any description, means the date on which the notification in relation to such goods is issued under section 11B; (d) "notified goods" means goods specified in the notification issued under section 11B. SECTION 11B: POWER OF CENTRAL GOVERNMENT TO NOTIFY GOODS .....

Finance Act, 1995 Chapter III

Title: Direct Taxes

State: Central

Year: 1995

.....capital undertaking" means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the manufacture or production of such articles or things (including computer software) as may be notified by the Central Government in this behalf."; (8) after clause (25), the following clause shall be inserted and shall be deemed always to have been inserted with effect from the 1st day of April, 1962, namely :- "(25A) any income of the Employees' State Insurance Fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948);"; (9) after clause (26B), the following clause shall be inserted, namely :- '(26BB) any income of a corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community. Explanation : For the purposes of this clause, "minority community" means a community notified as such by the Central Government in the Official Gazette in this behalf;'. Section 5 - Amendment of Section 10A In section 10A of the Income-tax Act, in sub-section (2), after clause (i), the following clause shall be inserted with effect from.....

Finance Act, 1995 Complete Act

State: Central

Year: 1995

.....capital undertaking" means such domestic comply whose shares are not listed in a recognized stock exchange in India and which is engaged in the manufacture or production of such articles or things (including computer software) as may be notified by the Central Government in this behalf; (8) after clause (25), the following clause shall be inserted and shall be deemed always to have been inserted with effect from the day of April, 1962, namely :" "(25A) any income of the Employees' State Insurance Fund set up under the provisions of the Employees' State Insurance Act, 1948;"; (9) after clause (26B), the following clause shall be inserted, namely :" (26BB) any income of a corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community. Explanation ." For the purposes of this clause, 'minority community' means a community notified as such by the Central Government in the Official Gazette in this behalf; SECTION 05: AMENDMENT OF SECTION 10A In section 10A of the Income-tax Act, in sub-section (2), after clause (i), the following clause shall be inserted with effect from the 1st day of April, 1996, namely......

Finance Act, 1995 Section 62

Title: Insertion of New Section 75a

State: Central

Year: 1995

.....Customs Act, the following section shall be inserted, namely.- "75A. Interest on drawback.- (1) Where any drawback payable to a claimant under section 74 or section 75 is not paid within a period of three months from the date of filing a claim for payment of such drawback, there shall be paid to that claimant in addition to the amount of drawback, interest at the rate fixed under section 27A from the date after the expiry of the said period of three months till the date of payment of such drawback: Provided that where any drawback, ordered to be paid under section 74 or section 75 in respect of a claim under any of the said sections filed before the date on which the Finance Bill, 1995 receives the assent of the President, is not refunded within three months from such date, there shall be paid to the applicant interest under this section from the date immediately after three months from such date, till the date of refund of such drawback. (2) Where any drawback has been paid to the claimant erroneously, the claimant shall, within a period of three months from the date of demand, pay in addition to the said amount of drawback, interest at the rate fixed under section.....