Compute the amount of Duty Drawback under section 74 of the Customs Act, 1962, the following independent cases: Jai Enterprises has imported goods during the financial year 2023-24 and paid ₹ 5,00,000 as import duty. The

Since in the given case, imported goods have been used for more than 9 months but not more than 12 months before re-exportation, 70% of the import duty paid will be allowed as duty drawback to Jai Enterprises. The Amount of Duty drawback available to Jai Enterprises is ₹ 3,50,000 (₹ 5,00,000 x 70%).