The duty draw back rates coming into force from mid of this month would help exporters remain competitive in global markets, the Southern India Mills Association (SIMA) said today.
The Centre has revised all industry rates (AIRs) of duty drawback on October 31, which come into force on November 15.
This would enable the exporters to get the refund of taxes so as to remain competitive in the global market, SIMA Chairman M Senthilkumar said in a release.
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Though the GST is likely to be implemented during 2017, the Duty Drawback Committee headed by Saumitra Chaudhuri has put in lot of efforts to get the inputs from the industry and exporters and arrive at the reasonable drawback rates for all the export goods.
Senthil Kumar thanked Prime Minister Narendra Modi, Finance Minister Arun Jaitely and Commerce and Industry Minister Nirmala Sitaraman for considering the inputs given by the association.
The textiles and clothing sector which has been "under stress due to unhealthy competition" in the global market and continuous drop in exports would now be in a position to improve its exports to a certain extent with the enhanced benefits and the special garment export package already announced by the Government.
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