Refund of 4% SAD - Cost Accountant can sign
BOARD had in Para 4.1(d) of Circular No. , dated 08.07.2010, stipulated that the amount of 4% CVD refund shall be sanctioned in full, on preliminary scrutiny of the documents and certificate of statutory auditor/Chartered Accountant, for correlating the payment of ST/VAT on the imported goods with the invoices of sale and also to the effect that the burden of 4% CVD has not been passed on by the importer to the buyer. However, as Para 6 of the said Circular only Charted Accountant can issue a certificate that incidence of burden of 4% CVD has not been passed on by the importer to the buyer.
CBEC has noted that:
++ Circular No. 18/2010-Customs dated 08.07.2010 disentitles Cost Accountants in regard to issue of requisite certificate though they may be statutory auditors of the importer.
++ Several States currently recognize Cost Accountants for purpose of VAT audit and it would be a hardship to trade already using statutory auditors/Cost Accountants to get required certificate for amount of 4% refund from Chartered Accountants.
As a measure of facilitation, Board has now authorized Statutory Auditors/ Cost Accountants/ Chartered Accountants to issue a certificate, certifying that burden of 4% CVD has not been passed on by the importers to any other person.
The SAD story of 4% SAD refund claims is turning out to be a long winding soap opera. [Please see DDT 1398 – 09 07 2010]. Please also see Also see our reports on this refund saga in 18.09.2007, , 07.07.2008, 14.10.2008, 30.06.2010and the story Indian Customs: The SAD Refund Circus! contributed by a hapless netizen
Circular No. , Dated: January 05, 2012