Thursday, May 05, 2005
Thursday, May 05, 2005 |
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Staff Reporter
COIMBATORE: The Southern India Mills Association has welcomed the revised duty drawback rates saying "the expression of drawback rates in ad valorem terms in lieu of the specific rates would immensely benefit the textile industry." The revised drawback rates for cotton yarn more than adequately neutralised the incidence of various levies and duties suffered, said the association Chairman, Vijay Venkataswamy. The new drawback schedule was "fully aligned with the harmonised system nomenclature," he said in a release. However, the value ceiling of Rs. 5 a kg (up to 60s count yarn) would adversely affect exporters shipping cotton yarn of 50s and above count. For instance, exports of 50s count yarn at freight on board of $3.60 a kg (Rs. 156.60) would enable exporters get a drawback benefit of Rs. 5.48 a kg. However, owing to the value ceiling of Rs. 5 a kg exporters would stand to lose. Exporters of finer counts, including "ply counts" above 40s, would be at a great disadvantage, he said. The association would suggest to the Centre the need to consider introduction of higher value ceilings for finer counts and ply counts.
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