The government has raised duty refund rates on a host of items which includes garments to give a supporting hand to exporters. 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.
The Ministry of Finance in a press release on Monday said that the Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015 as the exports drop for the eleventh month in a row in October.
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.
As per the new schedule, the composite rates have been increased in certain MMF yarn/ fabric; readymade garment made of cotton, wool and cotton with lycra; made-ups of cotton/ MMF and hand tools, among others. It has also been raised in many cases like frozen shrimps and prawns; perfumed agarbatti; finished/lining leather, leather hand bags, wallet, belts and industrial gloves.
Further, 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.
Also, certain products earlier having only customs rates, have been provided with composite rates. These include woven fabrics of other vegetable textile fibres/woven fabrics of paper yarn, acrylic blankets, headgear, bicycle tyres, bicycle tubes, umbrellas, walking sticks and artificial flowers.
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.
A provision has been also made to pay provisional drawback to exporters soon after export in case of certain exports made under claim for brand rate of duty drawback.
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
One-time reports that are issued annually cover the demand and supply trends in individual products including polyester, nylon, acrylic, viscose, and cotton.
One-time reports that are issued annually cover the demand and supply trends in the individual country's natural and manmade fiber/filament industries.
Countries Served Worldwide