Industry & Economy
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Excise and Customs
Drawback rates hiked on slew of items
Our Bureau
New Delhi
,
Nov. 18
The Government has increased duty drawback rates on a host of items in line with the recommendations of a committee appointed for formulation of All Industry Rates of duty drawback 2005-06.
Accordingly, the duty drawback rates on bicycle have been increased from 8 per cent to 10.5 per cent, on gaskets from 4 per cent to 7 per centand on refined copper from 4.5 per cent to 5 per cent. Likewise, drawback rates have been increased on imitation zari, bicycle parts, forgings and various types of hand tools.
An official release said the changes would come into force with effect from November 21, 2005.
To encourage export of value-added products, drawback caps have been increased on grey cotton yarn of less than 60-counts from Rs 5 per kg to Rs 7 per kg, on woven women's blouses of cotton from Rs 19 per piece to Rs 28 per piece and on crank shaft (for four wheelers) from Rs 9.70 per kg to Rs 17 per kg. Further, the drawback caps have also been increased for various textile items including cotton yarn, acrylic yarn, fabrics, apparel and made-ups, writing instruments and sports goods.
New tariff items have been introduced in the drawback schedule for fishing nets, denim fabrics and imitation zari.
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