Industry & Economy
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Excise and Customs
Drawback panel gets more time
K.R. Srivats
New Delhi
April 17
The Finance Ministry has granted more time to the three-member committee on duty drawback for submitting its recommendations on the all-industry duty drawback rates for 2007-08.
The all-industry duty drawback rates are worked out and notified every year after taking into account Budgetary changes in Customs duty, Central excise and service tax.
Official sources said that the committee has now been asked to submit report by June 30. It was earlier required to submit its report by April 15.
Trade and industry, which were required to furnish a comprehensive list of inputs used in the manufacture of export products, had sought more time, which led to the Government's latest decision.
Trade and industry have been asked to furnish the details by April 30, sources said.
Under the duty drawback scheme administered by the Revenue Department, Customs and Central excise duty paid on inputs and service tax paid on input services used in the manufacture of export goods are refunded to exporters in the form of drawback.
The three members of the committee are Mr Saumitra Chaudhuri, Member of the Prime Minister's Economic Advisory Council, Mr S.B. Mohapatra, Secretary (Retd) to the Government of India and Mr T.R. Rustagi, Chief Commissioner of Central Excise and Customs (retd).
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