Business

TEXPROCIL welcomes increase in duty drawback rates

ANI | February 14, 2020 05:39 PM
Dr KV Srinivasan, Chairman - TEXPROCIL

Mumbai (Maharashtra) [India], Feb 14 (ANI/BusinessWire India): The Government has notified the revised rates of duty drawback vide notification number 07/2020 - Customs (N.T) dated January 28, 2020. These rates are effective from February 04, 2020.

"The Drawback rates for the major Cotton textiles products have been increased which will improve the competitiveness of these products in the export markets," said Dr KV Srinivasan, Chairman of the Cotton Textiles Export Promotion Council (TEXPROCIL), while welcoming the new rates.

The increase in the drawback rates is on account of various factors such as the changes in the duties, price (CIF) of imported inputs, FOB value of exports, import intensity etc.

Exporters are passing through challenging times on account of difficult export market conditions combined by the removal of some export benefit recently. According to Dr Srinivasan, the announcement of the revised drawback rates have come as a relief to the exporters who are already reeling under various types of pressures both internally and externally.

Dr Srinivasan extended his thanks to the Department of Revenue and the Drawback Committee for increasing the drawback rates. The Chairman, TEXPROCIL urged the Government to reimburse all the other taxes and duties that remain un-neutralized through the new scheme RODTEP (Remission of Duties or Taxes on Export Products), which should cover the entire value chain of cotton textiles.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

Have something to say? Post your comment
Must Read
Emotive appeal by the first survivor of COVID 19 in Nawanshahr
Emotive appeal by the first survivor of COVID 19 in Nawanshahr
Ashu lauds efforts of food and civil supplies staff for their dedication in crisis
Ashu lauds efforts of food and civil supplies staff for their dedication in crisis
Massive fire breaks out in Chandigarh, 7 fire tenders on spot
Massive fire breaks out in Chandigarh, 7 fire tenders on spot
Punjab villages show the way to combatting COVID-19 with self isolation
Punjab villages show the way to combatting COVID-19 with self isolation
Novel Coronavirus (COVID-19):  Ex-commandant donates Rs 5 lakh out of his pension account for Punjab Chief Minister relief fund
Novel Coronavirus (COVID-19): Ex-commandant donates Rs 5 lakh out of his pension account for Punjab Chief Minister relief fund
DC and CP for transforming ‘self home quarantine’, ‘social distancing’ and ‘Theekari Pehras’ into a mass movement
DC and CP for transforming ‘self home quarantine’, ‘social distancing’ and ‘Theekari Pehras’ into a mass movement
Punjab sets up transport control rooms to ensure smooth movement of essentials
Punjab sets up transport control rooms to ensure smooth movement of essentials
One more Corona Positive patient dies in Punjab
One more Corona Positive patient dies in Punjab
Administration pulls up socks for smooth and hassle free procurement of wheat from April 15
Administration pulls up socks for smooth and hassle free procurement of wheat from April 15
Lockdown : Radha Soami Satsang Beas prepares 'langar' for needy in Punjab, other states
Lockdown : Radha Soami Satsang Beas prepares 'langar' for needy in Punjab, other states
Technical Education Board to give Rs 5 crore in CM's relief fund: Channi
Technical Education Board to give Rs 5 crore in CM's relief fund: Channi
MP, MLAs, DC, CP and SSP join heads for further expediting distribution of relief material to the needy and underprivileged sections of society
MP, MLAs, DC, CP and SSP join heads for further expediting distribution of relief material to the needy and underprivileged sections of society