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Last updated: 17 Nov, 2015  

Exports.9.thmb.jpg Govt revises duty drawback rates to boost exports

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SME Times News Bureau | 17 Nov, 2015
As exports drop for the 11th month in a row in October, the government has raised duty refund rates on a host of items, including iron, steel, garments and marine products to give a supporting hand to exporters.

"The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015," informed Ministry of Finance in a press release on Monday.

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, it said.

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.

As per the new schedule, iron and steel, tools and parts of base metal, machinery and appliances, electrical machinery, rolling stock and ships "have been provided with increased customs rate of 2 percent", with certain exceptions, reports PTI.

Further, the composite rates have been increased in many cases like frozen shrimps and prawns; perfumed agarbatti; finished/lining leather, leather hand bags, wallet, belts; industrial gloves; certain MMF yarn/ fabric; readymade garment made of cotton, wool and cotton with lycra; made-ups of cotton/ MMF and hand tools, among others.

Also, certain products earlier having only customs rates, have been provided with composite rates. These include bicycle tyres, bicycle tubes, woven fabrics of other vegetable textile fibres/woven fabrics of paper yarn, headgear, umbrellas, walking sticks, artificial flowers and acrylic blankets.

As per the revised rates, AIR (All India Rates) has been fixed as Rs 209.3/gm for gold jewellery/parts and Rs 2790/kg for silver jewellery /articles.

The ministry also informed that "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."

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FDI
Somakumaran.A | Thu Nov 19 16:19:46 2015
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