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Government has constituted a Committee for formulation of All Industry Rates of Duty Drawback for 2005-2006. Its objective is to expand the coverage of Drawback Scheme by including new items and to provide adequate neutralisation of the customs and central excise duties. The Committee will interact with the administrative Ministries, Export Promotion Councils, Commodity Boards, trade bodies and other stake holders so as to elicit their views on the existing Scheme, work out modalities for calculation of duty drawback and suggest all Industry Rates of Duty Drawback for the next financial year. It will also conduct field visits to study specific production processes, as it may consider necessary for formulation of the Rates.
Under the Duty Drawback Scheme administered by the Department of Revenue, exporters are provided with rebate of the Duties of Customs & Central Excise suffered on the inputs used in the manufacture of the export products. This is based on the principle that taxes should not be exported thereby rendering the Indian exports competitive in the International market.
The Committee headed by Shri Saumitra Chaudhuri, Member, Economic Advisory Council to Prime Minister is to submit its report by 15th April, 2005. While Shri S.B. Mohapatra, Secretary to the Government of India (retired) and Shri T.R. Rustagi, Chief Commissioner of Customs & Central Excise (retired) will be its Members, Joint Secretary (Drawback), Ministry of Finance will serve as Secretary of the Committee.
BSC/BY/DN-153/05
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