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The Finance Ministry on Monday notified revised rates of duty drawback that will be effective from November 23.
“These revised rates are based on average incidence of customs and central excise duties and service tax related with the manufacture of export goods and involve substantial total drawback for exporters,” said an official release.
Duty drawback is a relief or refund of certain types of customs and central excise duties as well as service tax on imports of inputs or raw materials that are used to manufacture goods for exports.
The Finance Ministry further said that an expert committee that will submit its report in January would also look into concerns of exporters over the new rates.
Apart from the changes in drawback rates, the revised schedule also includes new items to better differentiate export products with higher duty incidence and to clarify concerns over classifications.
“A provision has been made to pay provisional drawback to exporters soon after export in case of certain exports made under claim for brand rate of duty drawback,” said the statement, adding that the brand rate route has been extended to wheat export.
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