Financial Daily from THE HINDU group of publications
Monday, Jan 17, 2005
Financial Daily from THE HINDU group of publications Monday, Jan 17, 2005 |
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Industry & Economy
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Excise and Customs Govt may expand coverage of drawback scheme K.R. Srivats
New Delhi , Jan. 16 THE forthcoming Union Budget may see announcements relating to the expansion of the existing drawback scheme. An exercise is currently under way in the Finance Ministry to expand the scope and coverage of the drawback scheme. The scheme currently serves about 17 per cent of the country's exports value-wise. India's merchandise exports in rupee terms during 2003-04 stood at around Rs 2,91,580 crore. Informed sources said that the scope and coverage of the existing drawback scheme is to be expanded by including more items in the existing schedule and also by providing duty neutralisation on all inputs that go into the manufacture of an export product. The Finance Ministry has now prepared a comprehensive list of various inputs that are used in the manufacture of export products. It has sought information (data) from various export promotion councils on production, imports and prices of the identified inputs. The export promotion councils and commissioners of Customs and excise have been directed to submit the information before January 20. Even as the Finance Ministry is working towards expansion of the scope and coverage of the drawback scheme, indications are that the Revenue Department may not accede to the demands of the exporting community that the drawback scheme should be reworked to rebate all local State-level levies.
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