Textile exporters being deferred from timely release of duty drawback amounts. The Drawback claims which in fact should be released in two weeks after exports are pending since September 2013 from all the major ports, due to the delay in releasing DBK amount the exporter are going to tight cash flow situation, as the textiles industry by and large operates between 3 to 5% net profit.
Any delay in getting the drawback amounts, textiles exporters have to going through financial intricacy whereby affecting at hand exports.
Customs has been repeatedly requested by exporters to release the duty drawback amounts, as it is a refund of duties and taxes incurred at the inputs stage on export products. But, the Customs has failed to release the funds due to non-availability of funds with the customs.
Expressing concern over the delay, Manikam Ramswami, chairman of The Cotton Textiles Export promotion Council (TEXPROCIL), stated that textiles exports are getting affected due to the Government's interest free borrowings from the Industry which outstrips the industry's annual profit.
This is a serious issue and needs to be addressed at the earliest, as the textiles mills operate at 50% to 75% of exports on total turnover and delay in receiving the drawback claims by the exporters has adversely affected their cash flows.
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