New Delhi [India], Jan 25 (ANI): As a step towards more efficient Input Tax Neutralisation on exports, the Government has enhanced the industry rates of duty drawback for 102 tariff items, effective Thursday.
In an official notification, the Ministry of Finance said the revised rates of duty drawback will help address the concerns of these export sectors and make India's exports more competitive in global economy.
However, the government, in September last year had notified that the all industry rates of duty drawback would be effective from October 1.
Taking the same into consideration, various representations from the trade and industry, the ministry has revised duty drawback rate on select items.
The export items mainly include marine and seafood products, automobile and bicycle tyres, tubes, leather and articles of leather, yarn and fabric of wool, glass handicrafts and bicycles. (ANI)