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Centre to revise duty drawback rates in Surat

The central government will depute two members from the duty drawback committee to analyse the situation of textile manufacturers in Surat for appropriate revision of the existing duty drawback rates.

This decision was taken after the demonstration of Synthetic and Rayon Export Promotion Council (SRTEPC) chairman Narain Agarwal.

At present, the garment and made-up sector are allowed to reduce state levies under the duty drawback scheme. After the representation, even yarns and fabrics have been included in the scheme. This will provide substantial relief to the man-made fibre.

Synthetic and Rayon Export Promotion Council (SRTEPC) considered review of accumulation of input tax credit (ITC) at various stages of textiles, including weaving, processing, embroidery and other value-added segments for enabling full refund.

The refund of ITC will help make textile exports from the country more competitive.

 

 
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