UPSC Exam > UPSC Questions > Consider the following statements with refere...
Start Learning for Free
Consider the following statements with reference to the Duty Drawback Scheme:
1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).
2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Consider the following statements with reference to the Duty Drawback ...
The Central Board of Indirect Taxes and Customs (CBIC) recently started automatic electronic payment of duty drawback amounts directly into exporters’ bank accounts.
About Duty Drawback Scheme:
- It is a trusted and time-tested scheme administered by CBIC to promote exports.
- It rebates the incidence of Customs and Central Excise duties, chargeable on imported and excisable material, respectively, when used as inputs for goods to be exported.
- The duty drawback provisions are described under the Customs Act, 1962.
- This WTO compliant scheme ensures that exports are zero-rated and do not carry the burden of the specified taxes.
- It is a crucial program to help exporters offset some of the costs accrued during the export process, particularly in the supply or value chain.
- The following are the eligible goods for the duty drawback:
- To export goods imported into India
- To export goods imported into India after having been taken for use
- To export goods manufactured/produced out of imported material
- To export goods manufactured/produced out of indigenous material
- To export goods manufactured /produced out of imported or indigenous materials.
- The following are the minimum criteria to claim for processing drawback claims:
- Any individual must be the legal owner of the goods at the time the goods are exported.
- He/she must have paid customs duty on imported goods.
- Duty drawback is available on most goods on which customs duty was paid on importation and which has been exported.
Key Facts about Central Board of Indirect Taxes and Customs (CBIC):
- CBIC (erstwhile Central Board of Excise and Customs) is a part of the Department of Revenue under the Ministry of Finance, Government of India.
- CBIC administers all the indirect tax-related matters in India.
- It deals with the tasks of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST, and Narcotics to the extent under CBIC's purview.
- The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central GST Commissionerates, and the Central Revenues Control Laboratory.
- It also ensures that taxes on foreign and inland travel are administered as per the law, and the collection agencies deposit the taxes collected to the public exchequer promptly.
Hence both statement 1 is correct.
Most Upvoted Answer
Consider the following statements with reference to the Duty Drawback ...
Explanation:
Central Board of Indirect Taxes and Customs (CBIC)
- The Duty Drawback Scheme is indeed administered by the Central Board of Indirect Taxes and Customs (CBIC).
- CBIC is a part of the Department of Revenue under the Ministry of Finance, Government of India.
Rebating Customs and Central Excise Duties
- The Duty Drawback Scheme aims to rebate the incidence of Customs and Central Excise duties chargeable on imported and excisable material.
- This rebate is provided to exporters to ensure that the final product exported is competitive in the international market.
Correct Answer
- Both statements 1 and 2 are correct.
- Therefore, option (c) "Both 1 and 2" is the correct answer for this question.
Central Board of Indirect Taxes and Customs (CBIC)
- The Duty Drawback Scheme is indeed administered by the Central Board of Indirect Taxes and Customs (CBIC).
- CBIC is a part of the Department of Revenue under the Ministry of Finance, Government of India.
Rebating Customs and Central Excise Duties
- The Duty Drawback Scheme aims to rebate the incidence of Customs and Central Excise duties chargeable on imported and excisable material.
- This rebate is provided to exporters to ensure that the final product exported is competitive in the international market.
Correct Answer
- Both statements 1 and 2 are correct.
- Therefore, option (c) "Both 1 and 2" is the correct answer for this question.
|
Explore Courses for UPSC exam
|
|
Top Courses for UPSCView all
Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
Question Description
Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Solutions for Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following statements with reference to the Duty Drawback Scheme:1. It is administered by the Central Board of Indirect Taxes and Customs (CBIC).2. It rebates the incidence of Customs and Central Excise duties chargeable on imported and excisable material.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice UPSC tests.
|
|
Explore Courses for UPSC exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup