Discuss whether any duty drawback is admissible under section 75 of Customs Act in the following case and if yes, what is the quantum of such drawback An Exporter has exported goods of worth INR 3,00,000, Amount of Drawback is 0.5%, Market price of goods is INR 2,50,000 and value of imported material used in goods is INR 1,80,000

Discuss whether any duty drawback is admissible under section 75 of Customs Act in the following case and if yes, what is the quantum of such drawback An Exporter has exported goods of worth INR 3,00,000, Amount of Drawback is 0.5%, Market price of goods is INR 2,50,000 and value of imported material used in goods is INR 1,80,000

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

ChapterC: Cases

Section: Chapter Questions

Problem 5.2SB

See similar textbooks

Similar questions

After making a down payment of GH¢4000 for an automobile, the municipality paid GH¢400 per month for 36 months with interest charged at 12% per year compounded monthly on the unpaid balance.(i) What was the original cost of the car?(ii) What portion of the Municipality’s total car payments went toward interest charges?
2. Case Study (1) China's Company H exported 3,000 M/T of a certain subject. The credit stipulated "Shipment during July, August and September in three monthly equal lots". Company H dispatched 1,000 M/T on July 28 and received payment. The second lot scheduled to be dispatched on August 29 had been delayed until September 2 for the violent typhoon. The bank refused to pay when H presented documents including a B/L dated September 2. H excused the delay for force majeure and asked for payment from the bank. Question: Should the bank make payment? Why?
What is the essential difference between the Brussel’s Definition of Value (BDV) and thevaluation system under the Agreement on Customs Valuation (ACV)?
Q1 The import of consignment based on Incoterms CIF (cost, insurance and freight) between an importer in Malaysia and an exporter in China. Explain 3 advantages for the country of origin and 2 disadvantages for the destination country.
Some trade companies exported goods under CIP trade terms, during whole130%transportation process, the folowing risks, losses and expenses occurred:(1) Suffered transport vehicles capsizing during transit from the warehouse to the departure port, and resulted in some goods damage.(2) During the loading of the goods from departure port to the ship, one entire package goods faling on shore, caused goods complete damage, and one entirepackage goods falling into the sea, caused some goods slight damage.(3)The ship sufered tsunami during sailing, the engine couldn't work properly, and the ship couldn't move.I(4)Asked tugboat for rescue, and went to refuge port for repairing the ship, and paid salvage charges and warehousing charges.(5) After repairing the ship, the ship sailed again, but suffered heavy weather, caused damage of some goods in the cabin A.(6) Whereafter, suffered grounding, caused complete damage of fragile goods in cabin B.(7) When the ship arrived at the port of destination…
“A buyer should not only be concerned with negotiating the reduction of price with a potential supplier, other aspiration points and issues that may require negotiations in order to reach satisfactory settlement could relate to product quality, date of delivery, free delivery up to buyer’s end, reduction in packing charges, higher trade discount on bulk purchases, seeking maximum co-operation of the supplier, or even removal of obstacles that could arise in future etc.” That is to say, the fundamental drivers of carrying out negotiations are due to our basic needs, wants, and motivations. As the procurement role evolves from transaction-based into more of strategic partnership with suppliers, negotiation and management skills have become increasingly important. Hence, to have effective negotiation with suppliers, the skills employed by procurement professionals need to be broadened. a) What does the term negotiation generally mean? b) In more specific terms, what does negotiation in…
To ensure a full line of outdoor clothing and accessories, the marketing department at Teddy Bower insists that they also sell waterproof hunting boots. Unfortunately, neither Teddy Bower nor TeddySports has expertise in manufacturing those kinds of boots. Therefore, Teddy Bower contacted several Taiwanese suppliers to request quotes. Due to competition, Teddy Bower knows that it cannot sell these boots for more than $54. However, $40 per boot was the best quote from the suppliers. In addition, Teddy Bower anticipates excess inventory will need to be sold off at a 50 percent discount at the end of the season. Given the $54 price, Teddy Bower’s demand forecast is for 560 boots, with a standard deviation of 460.a. If Teddy Bower decides to include these boots in its assortment, how many boots should it order from its supplier?(Round your answer to nearest whole number.) _________b. Suppose Teddy Bower orders 540 boots. What would its expected profit be?(Round your answer to the nearest…
To ensure a full line of outdoor clothing and accessories, the marketing department at Teddy Bower insists that they also sell waterproof hunting boots. Unfortunately, neither Teddy Bower nor Teddy Sports has expertise in manufacturing those kinds of boots. Therefore, Teddy Bower contacted several Chinese suppliers to request quotes. Due to competition, Teddy Bower knows that it cannot sell these boots for more than $54. However, $40 per boot was the best quote from the suppliers. In addition, Teddy Bower anticipates excess inventory will need to be sold off at a 50 percent discount at the end of the season. Given the $54 price, Teddy Bower’s demand forecast is for 400 boots, with a standard deviation of 300. If Teddy Bower decides to include these boots in its assortment, how many boots should it order from its supplier? Suppose Teddy Bower orders 380 boots. What would its expected profit be?
Article 1: South African pears will soon be on sale in China for the first time• Consumers in China will, for the first time ever, find South African pears on their shelves.• South Africa has been exporting its apples to China for the past six years, and has finallysigned the pear protocol that has been years in the making with the Chinese government.• In a number of countries, demand for South African pears and apples is showing significantgains.South African pear growers have finally gained entry to the Chinese market and will soon beginexporting pears to the Asian country for the first time ever. Last week, the department ofAgriculture, Land Reform and Rural Development (DALRRD), together with the Chinesegovernment, signed the pear protocol, six years since South Africa began exporting apples toChina.A number of South Africa's agricultural sectors have seen remarkable growth this year, includingthe country's citrus growers gaining access to the Philippines market and the UK's demand…
Article 1: South African pears will soon be on sale in China for the first time• Consumers in China will, for the first time ever, find South African pears on their shelves.• South Africa has been exporting its apples to China for the past six years, and has finallysigned the pear protocol that has been years in the making with the Chinese government.• In a number of countries, demand for South African pears and apples is showing significantgains.South African pear growers have finally gained entry to the Chinese market and will soon beginexporting pears to the Asian country for the first time ever. Last week, the department ofAgriculture, Land Reform and Rural Development (DALRRD), together with the Chinesegovernment, signed the pear protocol, six years since South Africa began exporting apples toChina.A number of South Africa's agricultural sectors have seen remarkable growth this year, includingthe country's citrus growers gaining access to the Philippines market and the UK's demand…
Article 1: South African pears will soon be on sale in China for the first time• Consumers in China will, for the first time ever, find South African pears on their shelves.• South Africa has been exporting its apples to China for the past six years, and has finallysigned the pear protocol that has been years in the making with the Chinese government.• In a number of countries, demand for South African pears and apples is showing significantgains. South African pear growers have finally gained entry to the Chinese market and will soon beginexporting pears to the Asian country for the first time ever. Last week, the department ofAgriculture, Land Reform and Rural Development (DALRRD), together with the Chinesegovernment, signed the pear protocol, six years since South Africa began exporting apples toChina.A number of South Africa's agricultural sectors have seen remarkable growth this year, includingthe country's citrus growers gaining access to the Philippines market and the UK's…
Last year Carol decided to open a gallery selling her artwork. She approached her sister Gemma and her friend Molly, as she knew that they were both interested in purchasing paintings for their business premises. Gemma ordered 2 paintings for her café at a total cost of £800. Molly ordered 5 paintings for her new office, which she wanted to look impressive when welcoming new clients, at a total cost of £1,000. Several months passed while Carol worked on the paintings. The final painting for Molly took slightly longer than expected, it was eventually delivered one month later than the initial date agreed. This was partly due to Carol being busier than expected, as Carol’s gallery became well-known and financially successful very quickly. Molly and Gemma, although delighted with their paintings, feel Carol ‘doesn’t really need the money’ and are now reluctant to pay for the paintings. Question Which of the following statements regarding the agreement between Carol and Gemma is correct?…