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New drawback rates positive & growth oriented: TEXPROCIL
21 Nov '14
2 min read
Chairman of the Cotton Textiles Export Promotion Council (TEXPROCIL) has welcomed the enhancement of duty drawback rates on textiles, by calling them positive and growth oriented.
The government had earlier announced the new rates of duty drawback for fiscal year 2014-15, which become effective from November 22, 2014.
“The new drawback rates are positive & growth oriented and overall the rates for cotton textiles and the value caps have been increased,” said RK Dalmia, chairman at TEXPROCIL.
He added, “The new draw back schedule has incorporated the additional categories of products such as flame retardant fabrics, cotton yarns below and above counts 50, Lycra yarn as requested by TEXPROCIL.”
Dalmia complimented the department for recognizing the growing importance of Lycra based yarns and fabrics which now constitute about 25 per cent of the world trade in textiles.
“However, the rates for Lycra based products should have been increased by at least 1 per cent and not 0.1 per cent in order to offset the high import duty on Lycra,” he noted.
TEXPROCIL will be submitting revised calculation in this regard for further increase in the drawback rates & value caps for Lycra based products and hopes for a consideration.
According to TEXPROCIL, the notification has also mentioned that there is a need for continued scrutiny for preventing any excess drawback arising from mismatch of declarations made in the item details and the drawback details on the shipping bills.
Dalmia urged that this clause should be used judiciously by the customs department to avoid unnecessary harassment & inconvenience to the exporters operating under the drawback scheme. (AR)
This according to Fibre2Fashion's Market Intelligence Tool - TexPro
The government had earlier announced the new rates of duty drawback for fiscal year 2014-15, which become effective from November 22, 2014.
“The new drawback rates are positive & growth oriented and overall the rates for cotton textiles and the value caps have been increased,” said RK Dalmia, chairman at TEXPROCIL.
He added, “The new draw back schedule has incorporated the additional categories of products such as flame retardant fabrics, cotton yarns below and above counts 50, Lycra yarn as requested by TEXPROCIL.”
Dalmia complimented the department for recognizing the growing importance of Lycra based yarns and fabrics which now constitute about 25 per cent of the world trade in textiles.
“However, the rates for Lycra based products should have been increased by at least 1 per cent and not 0.1 per cent in order to offset the high import duty on Lycra,” he noted.
TEXPROCIL will be submitting revised calculation in this regard for further increase in the drawback rates & value caps for Lycra based products and hopes for a consideration.
According to TEXPROCIL, the notification has also mentioned that there is a need for continued scrutiny for preventing any excess drawback arising from mismatch of declarations made in the item details and the drawback details on the shipping bills.
Dalmia urged that this clause should be used judiciously by the customs department to avoid unnecessary harassment & inconvenience to the exporters operating under the drawback scheme. (AR)
Fibre2fashion News Desk - India
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