New duty drawback, DEPB rates out by Aug. 15
The finance ministry is likely to come out with the new duty drawback and DEPB rates by August 15. "There is a drawback committee in place and by August 15, if not earlier, we will definitely announce the new rates," JK Batra, member Central Board of Excise and Customs, said at an interaction with the federation of Indian export organisations (FIEO) on Tuesday.
Under the duty drawback scheme, the finance ministry will reimburse all central duties, including customs, central excise and service tax, paid on inputs used in the manufacture of export goods.
Depsite the fluctuations in the domestic currency, the rates would be revised, taking into consideration a long-term picture of the economy and not by how much the rupee has appreciated or depreciated, Batra added. Sources said the new rates would take into consideration the changes in average rates of excise, customs and countervailing duty in the Budget, on various export items.
The finance ministry had set up a three-member committee, headed by Saumitra Chaudhuri, member, economic advisory council to the Prime Minister, in March this year. This was at a time when the domestic currency was undergoing major fluctuations.
Source: The Financial Express
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