Viewing at persistent decline in exports since 11 months, Indian government has recently notified the schedule of revised All Industry Rates of Duty Drawback w.e.f 23 Nov’15.
The government has increased duty drawback on certain steel products in order to boost exports. Duty drawback means refund of duties on imported inputs for export items.
In this context, the Finance Ministry said, “An Expert Committee will take feedback from Export Promotion Councils and will make further recommendations in Jan’16 to the government on the basis of feedback from exporters.”
He further added that these revised rates are based on average incidence of Customs & Central Excise Duties and Service Tax related to export goods manufacture. Moreover, it also involve substantial total drawback for exporters.
As per the new schedule, steel products have been provided with increased customs rate of 2%, with certain exceptions, the Finance Minister added.
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