New Delhi, Jan 27 (KNN) In a bid to facilitate relief to the exporters fraternity of the country including the Micro, Small and Medium Enterprises (MSMEs), the government announced raised duty drawback rates on over 102 items.

“As a step towards more efficient Input Tax Neutralization on exports, after considering various representations from the trade and industry, the government has enhanced all industry rates of duty drawback for 102 tariff items”, the Finance Ministry in a statements said.

Commenting over the latest development, Ajay Sahai, Director General of the Federation of Indian Export Organizations (FIEO) said that the decision comes as a good sign for the Indian exporters.

Sahai said that the Indian exporters have been facing rough times competing in the global market and the raise comes as a relief for the sector.

The decision taken by the government is in positive direction and the Indian exports are likely to become more competitive in global economy, Sahai added.

The 102 items on which the government announced the raise include marine and seafood products, automobile tyres and bicycle tyres/tubes. Also items made of leather. leather, yarn and fabric of wool, glass handicrafts and bicycles are included in the list.

The Enhanced Rates of Duty Drawback will be effective from 25.1.2018, the release from the Ministry further informed. (With PIB Inputs) (KNN/DA)