With a few hours left for the much awaited Goods and Services Tax Act rollout, the Government amended the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 with a view to insert necessary changes to the drawback rules under the new indirect tax regime.
As per the Notification, the definition of the term ‘Tax Invoice’ would mean a tax invoice prescribed under section 31 of the Central Goods and Services Tax Act, 2017.
It also made some significant changes in rule 6 and 7 which provides for calculation of amount or rate of drawback in cases where it is not determined or low.
Read the full text of the Notification below.
