Global Threads

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The Gov­ern­ment has an­nounced the revised Duty Draw­back rates vide CBIC No­ti­fi­ca­tion No. 95/2018 – CUS­TOMS (N.T) dated De­cem­ber 6, 2018. The All In­dus­try Rates of Duty Draw­back re­im­burses the in­ci­dence of du­ties of Cus­toms on in­puts and the rem­nant Cen­tral Ex­cise Duty on spec­i­fied petroleum prod­ucts used for the gen­er­a­tion of cap­tive power for man­u­fac­ture or pro­cess­ing of ex­port goods. The Draw­back rates for cot­ton tex­tile prod­ucts such as yarn, fab­rics and made-ups have been in­creased. Wel­com­ing the an­nounce­ment of the new rates, Dr K V Srini­vasan, Chair­man of The Cot­ton Tex­tiles Ex­port Pro­mo­tion Coun­cil (TEXPROCIL) said, “The revised Draw­back rates will lead to in­crease in the ex­ports of cot­ton tex­tiles.” There is a sig­nif­i­cant in­crease in the Draw­back rates for cot­ton made­ups, which will en­cour­age ex­ports of value-added prod­ucts like home tex­tiles, ac­cord­ing to the Chair­man, TEXPROCIL. Fur­ther, the re­moval of Draw­back caps in the case of those ex­port prod­ucts where the Draw­back rates are less than two per cent will ben­e­fit the cot­ton tex­tiles ex­porters, said Shri Srini­vasan.

The Chair­man, TEXPROCIL ex­tended his thanks to Smt Sm­riti Zu­bin Irani, Hon’ble Union Tex­tiles Min­is­ter, for her sup­port in get­ting the Draw­back rates in­creased. He also thanked the Depart­ment of Rev­enue and the Draw­back Com­mit­tee headed by Dr G K Pil­lai for the in­crease in the Draw­back rates.

Dr K V Srini­vasan urged the Gov­ern­ment to in­crease the Mer­chan­dise Ex­ports from In­dia Scheme (MEIS) rate for fab­rics from two per cent to four per cent and also to cover cot­ton yarn un­der the MEIS and the three per cent In­ter­est Equal­i­sa­tion Scheme so that cot­ton tex­tiles ex­ports can achieve their true po­ten­tial.

Dr K V Srini­vasan, Chair­man, TEXPROCIL

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