The Union government has extended duty drawback facility for one year on all textile products on November 1, 2016 to boost exports. At the same time, the Central Board of Excise and Customs (CBEC) extended the duty drawback benefit for textile exporters to overcome the barriers they face in exports.
CBEC revises drawback rates every year on November 1 for one year. The industry held the government's move as progressive for the entire textile sector.
Under the revised norms, home textiles attract drawback of 7.5% now as against 7.3% earlier. Similarly, incorporation of blanket and other cotton products in this category will attract drawback rate of 8% now from 7.2% earlier.
The drawback rates and caps for different types of cotton yarn have by and large been retained with no significant reduction. This has come as a major relief to the spinning sector which is currently under severe pressure due to various reasons.
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CBEC revises drawback rates every year on November 1 for one year. The industry held the government's move as progressive for the entire textile sector.
Under the revised norms, home textiles attract drawback of 7.5% now as against 7.3% earlier. Similarly, incorporation of blanket and other cotton products in this category will attract drawback rate of 8% now from 7.2% earlier.
The drawback rates and caps for different types of cotton yarn have by and large been retained with no significant reduction. This has come as a major relief to the spinning sector which is currently under severe pressure due to various reasons.
subscribe now bank of india specialist officer exam sample paper
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