DUTY DRAWBACK RATES HIKED

The highlights of revised duty drawback rates are: -

• The drawback schedule includes 84 new items.
• Drawback cap (limit on value of maximum duty drawback) have been revised upwards for most products on account of rise in raw material prices and to promote export of higher value items and labour intensive goods.
• The Service Tax paid on inputs used in production of Export commodities along with Education cess and duty paid on Diesel and Furnace oil have been included in Drawback rates.
• The new rates will be effective from July 15, 2006.