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Govt notifies new duty drawback rates from Oct 1

Govt notifies new duty drawback rates from Oct 1
The revenue department on Friday came out with modified duty drawback rates for exporters with industry body FIEO demanding that the government should also offset other embedded taxes on products.

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.

Reacting to the drawback rates, FIEO president Ganesh Kumar Gupta said the new rates basically factor in the basic customs duty on the inputs used in export production.

“However,alot of embedded taxes like taxes on power and electricity, taxes on petroleum and diesel products, embedded taxes on products which are exempt also add to the burden of the exporters,” he said

The Business Standard, New Delhi, 23th September 2017

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