Business Daily from THE HINDU group of publications
Saturday, Mar 22, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Mar 22, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Exports & Imports Committee to formulate drawback rates for exporters K.R.Srivats New Delhi, March 21 The Government has constituted a three-member committee for the formulation of all-industry duty drawback rates for 2008-09. The drawback rates for exporters are worked out and notified every year after taking into account the budgetary changes in the excise and customs duty or services tax. The three-member committee comprises members who have formulated the duty drawback rates for the past three years. They include Mr Saumitra Chaudhuri, Member of the Prime Minister’s Economic Advisory Council, Mr S.B. Mohapatra, Secretary to the Government of India (retired) and Mr T.R. Rustagi, Chief Commissioner of Central Excise and Customs (retired). Under the duty drawback scheme administered by the revenue department, the 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 the exporters in the form of duty drawback. Meanwhile, the Finance Ministry has asked the export promotion councils to provide the committee with a comprehensive list of various inputs that are used in the manufacture of export products. The information has to be furnished by April 5, the revenue department has said. The all-industry rates of duty drawback are worked out by considering the consumption of input materials and the incidence of duties on these input materials. Budget 2008-09 had seen wide-ranging changes in excise duties, including a general reduction in the excise duty (Cenvat) rate from 16 per cent to 14 per cent. There were also some changes in certain customs duties. More Stories on : Exports & Imports
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