Wednesday, Jan 19, 2005
Wednesday, Jan 19, 2005 |
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NEW DELHI, JAN. 18. The Finance Ministry today revised all industry drawback rates factoring in the education cess. "As the education cess is being collected as duties of excise/customs, the element of education cess has been factored in the drawback rates," a statement issued here said. The revised rates would come into force from tomorrow. "A significant feature of the new drawback schedule is that the rates for most products have been expressed in terms of metric tonne per kg in lieu of earlier ad valorem rates," the statement said.
Transparency
Following the standard input-output norms, the rates previously expressed in terms of numbers, pieces and gross have now been changed to metric tonne per kg. "This will meet the requirements of transparency and more importantly, will help prevent disputes and litigations arising from alleged over-invoicing of exports," the Ministry said. To make the drawback schedule attractive and useful to exporters, the drawback rate for the excise portion has been added at several places, which can be availed of only when Cenvat credit has not been taken.
New entries
Taking into account the suggestions of trade and industry, several new entries have been created in the Drawback Schedule, the Ministry said. A new chapter has been introduced covering pig iron, iron ore pellets, ferro-alloys and steel products. In all, 29 new entries have been created. In the textiles sector, the product coverage has been expanded by creating about 165 new entries. The existing entries in the drawback schedule relating to garments have been expanded to create separate entries for garments made of cotton, cotton and manmade fibre blend and manmade fibre. Separate rates have been prescribed for these categories of garments on the basis of the composition of textiles. — PTI
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