Govt hikes duty drawback rates
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The government today announced increase in duty drawback rates -- refund of duties on imported inputs for export items -- on most of the products eligible for the incentive scheme for 2012-13, a move aimed at boosting India's outward shipments. There are about 4,000 export items which are covered under the Duty Drawback Scheme.
However, the drawback rates for some item like leather trunks and handbags, wool yarn and fabric, gaskets, lawn tennis balls, cricket balls, felt tipped/porous tipped pens and markers have been reduced from the rates applicable in 2011-12.
"Most, but not all, of the items that were already covered under the duty drawback schedule prior to October 1, 2011 [that is, before last year's (2011-12) duty drawback schedule was issued] will see an increase from the existing AIR (All Industry Rates)," a circular of the Revenue Department said.
Also, in continuation of a transitory arrangement, most of the items incorporated in last year's (2011-12) duty drawback schedule, from the erstwhile DEPB scheme, will see a reduction in the AIR rates, it added.
It further said the drawback has been restored for export of Guar Gum by providing a specific composite rate with a specific customs component.
The Export Promotion Council for Handicrafts (EPCH) said as the rates for most of the handicrafts items eligible for the scheme, exporters would be encouraged to participate in the forthcoming Indian Handicrafts and Gifts Fair (IHGF).
It is an important benefit given to the handicrafts exporters, said Rakesh Kumar, Executive Director of EPCH.
Amid global demand slowdown, growth in India's exports has entered into negative zone since May 2012.
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