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  3. Govt brings more items under duty drawback scheme to boost exports

Govt brings more items under duty drawback scheme to boost exports

16 Sep 2013 Evaluate

In order to give a boost to country’s overseas shipments, the government has rationalized the duty drawback and brought more items under the scheme. Duty drawback is the reimbursement of customs duty and with the revised all industry drawback duty, the central government will continue to support exporters with substantial rates, which will come into effect from September 21. Further, under the duty drawback scheme, the revenue department refunds the duty incidence such as excise, customs, and service tax on the imported inputs used in the manufacture of exported goods.

The government’s statement also said that besides duty drawback change, a large number of rationalisation measures have also been undertaken to realign entries, provide rates on more items to assist exporters. These measures are to better differentiate all industry rates for export products with higher duty incidence and to address classification issues on export products, it added. The statement further added that for expeditiously addressing exporters concerns, the term of the recently constituted panel, headed by Planning Commission Member Saumitra Chaudhuri, has been continued for the next three months. The panel was set up to promote Indian exports with 'fair and representative' rebate of the incidence of customs and central excise duties and service tax related with the manufacture of export goods.

Meanwhile, country’s exports registered a double-digit growth of 12.97% for the second consecutive month in August 2013 to $26.14 billion on account of improved global situation, which also narrowed the trade deficit to $10.9 billion in the reported month from $14.17 billion a year earlier.

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