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Understanding Section 74 Refunds Customs act 1962

Refund under Section 74 of the Customs Act, 1962 allows importers to claim a refund of customs duty paid on goods that are later re-exported, either as such or after minor processing. It helps businesses recover the duty, reduce financial loss, improve cash flow, and ensure compliance with customs regulations. SKMC Global supports end-to-end documentation, filing, and timely refund processing.

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Understanding Section 74 Refunds Customs act 1962

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  1. UNDERSTANDING SECTION 74 REFUNDS: CUSTOMS ACT 1962 Refund under Section 74 of the Customs Act, 1962 allows importers to claim a refund of customs duty paid on goods that are later re-exported, either as such or after minor processing. The refund can be up to 98% of the duty paid, provided the goods are exported within the prescribed time and proper documentation is submitted. BENEFITS Duty Recovery: Enables refund of customs duty paid on re-exported goods. Cost Efficiency: Reduces financial loss from returned or rejected imported goods. Trade Flexibility: Supports businesses engaged in re-export or international returns. Regulatory Support: Ensures compliance with customs norms while reclaiming legitimate refunds. Improved Cash Flow: Frees up blocked working capital, enhancing liquidity and business operations. IMPORTANCE Promotes Fair Trade: Ensures importers are not penalized for re-exporting goods, maintaining trade equity. Encourages Re-exports: Motivates businesses to re-export goods rather than bear loss on unwanted imports. Enhances Business Efficiency: Helps companies manage inventory and returns more effectively. Strengthens Compliance Framework: Encourages adherence to customs procedures and proper documentation. Boosts Financial Stability: Provides relief through duty refunds, improving overall cash flow and profitability. At SKMC Global assists businesses in claiming duty refunds under Section 74 by handling end- to-end documentation, filing with customs, and ensuring timely compliance. We streamline the process to maximize refund recovery and improve cash flow. +91 989-125-5499 info@skmcglobal.com www.skmcglobal.com

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