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New Delhi, Aug. 29 The Finance Ministry has revised the all-industry drawback rates for 2008-09. The revised rates would come into effect from September 1 this year.

An official release said here that there is a general reduction in the rates of drawback in most commodities. The drawback rates have undergone changes in line with the changes in the duties.

The peak rate of aggregate import duties in 2008-09 has come down to 31.7% as against 34.13% in the previous year. Customs duty on major raw materials such as crude oil, raw cotton, zinc and ferro alloys has been brought down to zero. The excise duty has been reduced across the board from 16% to 14%. This year, the drawback schedule includes several new items including coffee (raw beans), in bulk, coffee (roasted and/or decaffeinated) in bulk, tea, stainless steel jewellery and optical fibre cables.

More Stories on : Excise and Customs | Exports & Imports

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