NEW DELHI: The government raised duty refund rates on a host of items, including iron, steel, garments and marine products with a view to promoting exports which are on a decline for the past 11 months.
The government on Monday raised duty refund rates on a host of items, including iron, steel, garments and marine products with a view to promoting exports which are on a decline for the past 11 months.
The central government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from November 23, 2015, the Finance Ministry said. Duty drawback is refund of duties on imported inputs for export items.
The Finance Ministry further said that to “expeditiously address exporters’ concerns”, if any, arising from the new Schedule of Rates, “feedback from Export Promotion Councils shall be taken into account” by an Expert Committee that will make further recommendations in January 2016 to the Government.
