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Drawback panel report by April 15
March, 29th 2007
The Government has constituted a three-member committee for the formulation of the all-industry duty drawback rates for 2007-08.

The three-member committee comprises Mr Saumitra Chaudhuri, Member of the Prime Minister's Economic Advisory Council, Mr S.B. Mohapatra, Secretary (Retd) to the Government of India and Mr T.R. Rustagi, Chief Commissioner of Central Excise and Customs (retd).

Official sources said the Committee had been asked to submit its report to the Revenue Secretary, Mr K.M. Chandrasekhar, by April 15.

The drawback rates would be announced after giving effect to the customs and excise duty or service tax changes made in the Budget.

Under the duty drawback scheme administered by the Revenue Department, the 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 the exporters in the form of drawback.

The committee has already asked India Inc to provide a comprehensive list of various inputs that are used in the manufacture of export products.

The rates are worked out and notified every year after taking into account the budgetary changes in the duty structure.

 
 
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