Financial Daily from THE HINDU group of publications
Tuesday, Feb 22, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 22, 2005 |
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Industry & Economy
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Taxation Duty drawback rate hiked on furnace oil for EoUs/SEZs K.R. Srivats
New Delhi , Feb. 21 THE Government has raised the all-industry rate of duty drawback for furnace oil supplied by domestic companies to export-oriented units (EOUs) under the deemed export scheme. Against the prevailing rate of Rs 925 per tonne, the Directorate-General of Foreign Trade has now set the all-industry rate of duty drawback at Rs 1,050 per tonne. A similar increase has also been made to the drawback rate on furnace oil supplied by domestic oil companies as physical exports to units in special economic zones (SEZs). The main purpose of granting the duty drawback was to ensure supply of furnace oil to EOUs/SEZs at international prices. Drawback payments are made to exporters to neutralise the Customs and excise duties paid on inputs used in the manufacture of exportable products. Official sources said that the all-industry duty drawback rate on furnace oil had been revised after obtaining inputs from the Petroleum Ministry. A senior official from the Federation of Indian Export Organisation said the all-industry rate of duty drawback for furnace oil was last set at Rs 925 per tonne in May 2003. As on March 2004, 1,764 units were in operation under the EOU scheme. Exports during 2003-04 from the EOUs were worth Rs 27,364.15 crore compared to Rs 22,615.59 crore in 2002-03, representing a growth of 21 per cent. Currently, 711 units are in operation in the SEZs. Exports from the SEZs in the first nine months of this fiscal stood at Rs 12,936 crore.
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