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)

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