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Developers now entitled to drawback claims if supplies from Domestic Tariff Area to foreign suppliers are in foreign currency: Central Govt. [Read Notification]

Domestic Tariff Area - foreign suppliers - foreign currency - Central Government - Taxscan

The Central Government notified the Special Economic Zones (Amendment) Rules, 2020 so as to amend the Special Economic Zones Rules, 2006.

With the coming up of this notification, the Developers now entitled to drawback claims if supplies from Domestic Tariff Area to foreign suppliers are in foreign currency.

In the Special Economic Zones Rules, 2006 in rule 24(3), after the proviso, the “Provided further that in case of supplies from Domestic Tariff Area to foreign suppliers in Free Trade and Warehousing Zone, the drawback or any other similar benefit Scheme shall be admissible where the payments are made in foreign currency by the foreign supplier to Domestic Tariff Area subject to sub-rule (5) of rule 18 of the said rules,” proviso shall be inserted.

Rule 24 of the Special Economic Zones Rules, 2006 pertains to the procedure  for grant of drawback claims and Duty Entitlement Pass Book credit to a Developer or Unit.

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