The Central Board of Excise and Customs (CBEC) recently notified the modified duty drawback rates for exporters.
The department has notified ‘All Industry Rates’ of duty drawback, the refund of duties on imported inputs for export items, on a host of items, including toys, furniture, musical instruments, aircraft and vehicles, effective October 1.
As per the new schedule, the refund rates for garments will come down to 2 per cent as compared to the 7.7 per cent drawback available till now.
India’s exports recorded a double digit growth of 10.29 per cent after a gap of three months to USD 23.81 billion in August, mainly on account of rise in shipments of chemicals, petroleum and engineering products.
Imports too rose by 21.02 per cent to USD 35.46 billion in August from USD 29.3 billion in the year-ago month.
Read the full text of the Rules below.
