FM Gives More Times To Drawback Committee

New Delhi: The Finance Ministry has allotted more time to the three-member committee on duty drawback for submitting its recommendations on the all-industry duty drawback rates for 2007-08. The all-industry duty drawback rates are worked out and notified every year after taking into account Budgetary changes in Customs duty, Central excise and service tax. The committee has now been urged to submit report by June 30. It was earlier required to submit its report by April 15. Trade and industry have been urged to furnish the details by April 30. Under the duty drawback scheme administered by the Revenue Department, Customs and Central excise duty paid on inputs and service tax paid on input services used in the manufacture of export goods are refunded to exporters in the form of drawback.