The announcement regarding new drawback rates, which are going to be effective from September 21, is a big dampener for India's exports, especially at this crucial time when we all are working towards increasing exports against all odds.
Sanjay Budhia, Chairman, CII National Committee on Exports and Imports, and Managing Director, Patton Group disclosed this in a statement that was issued here on Thursday.
The new rates which have been decreased by more than 20-30 per cent, will make it extremely difficult to export, Budhia added.
He said that in the interest of reducing the Current Account Deficit (CAD) by enhancing exports, the government should reconsider reducing the rates.
The government rationalised the duty drawback and brought more items under the scheme for tax refund to exporters to give a boost to overseas shipments.
The revised all industry rates of duty drawback, which have been notified, will come into effect from September 21.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app