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Government notifies revised rates of Duty Drawback
17 Nov '15
1 min read
The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015.
According to a Finance Ministry 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.
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, the statement said. (SH)
According to a Finance Ministry 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.
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, the statement said. (SH)
Fibre2Fashion News Desk – India
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