Business Daily from THE HINDU group of publications
Friday, Jul 14, 2006
Business Daily from THE HINDU group of publications Friday, Jul 14, 2006 |
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Industry & Economy
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Exports & Imports Govt announces revised drawback rates Our Bureau
New Delhi , July 13 The Government on Thursday announced increased drawback rates that have also factored in the incidence of service tax paid on input services used for the manufacture or processing of goods for exports. Moreover, 84 new items have been added in the list of items entitled for drawback. The drawback rates, effective July 15, have been decided on the basis of recommendations of a committee headed by Mr Saumitra Chaudhuri, Member of Economic Advisory Council to the Prime Minister. The committee had held extensive consultations with various industry and trade associations and other stakeholders at various locations and submitted its report on June 15. "The Government has accepted the drawback rates as suggested by the committee. The drawback rates would now also take into account the incidence of service tax paid on taxable services, which are used as input services in manufacturing or processing of export goods," an official release said. Apart from service tax, the education cess on excise and customs and incidence of duty on high-speed diesel and furnace oil has also been factored in drawback calculation.
New items included
The 84 new items that have been included in the drawback schedule include cotton bags, leather caps, plastic suitcases, handbags of plastics, tractor parts, compressors, and some sports equipment.
More Stories on : Exports & Imports | Taxation
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