Government enhances duty drawback rates to boost falling exports
Updated: Nov 17, 2015 11:20:44am
New Delhi, Nov 17 (KNN) In the wake of falling exports since last 11 months, the government has notified the Schedule of revised All Industry Rates of Duty Drawback and has also included many new items to better differentiate export products with higher duty incidence and also to address classification issues.
“The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015,” said an official statement.
These revised rates are based on average incidence of Customs and Central Excise Duties and Service Tax related with the manufacture of export goods and involve substantial total drawback for exporters.
Apart from the rate changes, many new items have been included to better differentiate export products with higher duty incidence and also to address classification issues. Brand rate route has been extended to wheat export.
“A provision has been made to pay provisional drawback to exporters soon after export in case of certain exports made under claim for brand rate of duty drawback,” added the statement.
To expeditiously address exporters’ concerns, if any, arising from the new Schedule of Rates, feedback from Export Promotion Councils shall be taken into account by an Expert Committee that shall make further recommendations in January 2016 to the Government. (KNN Bureau)
“The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015,” said an official statement.
These revised rates are based on average incidence of Customs and Central Excise Duties and Service Tax related with the manufacture of export goods and involve substantial total drawback for exporters.
Apart from the rate changes, many new items have been included to better differentiate export products with higher duty incidence and also to address classification issues. Brand rate route has been extended to wheat export.
“A provision has been made to pay provisional drawback to exporters soon after export in case of certain exports made under claim for brand rate of duty drawback,” added the statement.
To expeditiously address exporters’ concerns, if any, arising from the new Schedule of Rates, feedback from Export Promotion Councils shall be taken into account by an Expert Committee that shall make further recommendations in January 2016 to the Government. (KNN Bureau)
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