Drawback Rates Notified

The finance ministry has notified the new drawback rates for financial year 2003-04. In a release issued today, the ministry said they would come into effect from April 7, 2003.

Accordingly, the revised drawback rate chassis of motor vehicles has been set on the basis of data furnished by the Engineering Export Promotion Council.

In addition, while drawback rates in respect of 401 entries have been continued at the existing level, they have been reduced for 403 entries upon reduction in Customs and central excise duties.

Those unchanged include the rates for leather and leather articles, along with rates for handloom.

 

However, the rates have been reduced for knitted and woven garments, along with those on woollen, silk, and synthetic carpets.

Consequent upon the recommendations of the Kelkar Committee, relaxation has been provided in the exports of composite articles.