Utilizing Refunded SAD for Duty Payment (DEPB) - Extended Again
CBEC Circular No 27/2010-Customs, dated 13.08.2010, provided the facility of manual filing of Bill of Entry for utilizing the amount of re-credited 4% CVD (SAD) refunds for payment of duty in case of re-credited DEPB/Reward Scheme scrips upto 30.12.2010. However several representations have been received from trade and industry to extend the time up to 30th June, 2011 for using re-credited 4% CVD(SAD) amount in DEPB as they have not been able to utilize the re-credited DEPB / Reward Scheme scrips within the stipulated time.
By Circular No.11/2011-Customs, dated 24.02.2011, Government had extended this time till 30.06.2011. Still there were representations that the trade could not use this facility within the stipulated time.
So, a benign Government had extended it till 15.09.2011 by Circular No. 30/2011-Cus dated 19.07.2011, with a rider that no further extension shall be given.
The by Circular No. 2/2012 dated 16.01.2012, they have further extended it till 31.03.2012, with a rider that " No further extension shall be given under any circumstances".
Tomorrow is 31.3.2012 – DDT had carried the agony of a Netizen in DDT 1805 – 29.02.2012 - The CBEC did their work rather a favour by extending the time upto 31/03/2012 with a strong message that no further extension shall be granted; however a new problem has cropped up. Who will ring the bell at the DGFT????? The DGFT regional offices have refused to re-credit the scrips. Why? Sir, CBEC Circular has no binding force on us and there are no instructions from DGFT, New Delhi to do so, so far (read as 28/02/2012). It has been more than a month; any request to DGFT New Delhi is falling on deaf ears. With just a month remaining to go........ Where does trade ring the bell????????? What is the value of the Circular so issued by the CBEC???????? If 31/03/2012 goes by who shall be responsible for the loss???????
Now, the CBEC has answered that - the importers may be advised to make the initial payment of 4% CVD in cash. DGFT has also informed that no re-crediting shall be done if such payment is made by means of scrips. In other words, in future exporters should pay SAD component in cash if they want a refund .
And the time is extended till 30.06.2012.
CBEC Circular No. 10/2012-Cus., Dated: March 29, 2012