Happy Intermission in 'SAD' Movie!

Many have been ignorant of the fact that there exists a lacuna in the notfn. The notfn stipulates that the importer has to file refund claim with 12 months of the date of paymenty of duty on the imported goods.
Thereafter the claim can be lodged once the goods are sold in the domestic market upon payment of ST/ VAT and the evidence of such payment should be submitted along with the claim.
Now if the importer sell gods say in the 12th month of the import, how can an importer lodge a claim in 12th month itself when he pays the ST/ VAT in the subsequent month or 13th month. He can lodge a claim only after one year or else he has to forgo the claim on sales taking place in the 12th month>>>> isnt that SAD???

NITIN KUNKOLIENKER 30/07/2010

 

in line with the short comings in the notification no.102/2007 as pointed out earlier, the Board should consider giving the importer 3 months period after a period of one year from the date of payment of duty, to complie all the required documents with regards to the SAD refund claim and submit the same to the athorities.

Presently in absense of the clarification the importers are deprived of the benefits of notification on sale of imported goods which take place in the 12th month and though eligible for the refund claim cannot claim it due to the time limit stipulated under the notification. Thus the importers are deprived of the fundamental benefits under the notification.

NITIN KUNKOLIENKER 30/07/2010