In a notification dated November 1, India’s Central Board of Excise and Customs, extended the duty drawback benefit for textile exporters for a year.
Under the revised norms, home textiles are allowed a drawback of 7.5 percent now as against 7.3 percent earlier. Incorporating blankets and other cotton products in this category will attract a drawback rate of 8 percent now from 7.2 per cent earlier, reports Business Standard.
“The revised drawback rates will certainly give a boost to exports of cotton textiles as they will provide adequate neutralization of the incidence of duties and taxes on export goods and make them more competitive in international markets,” said R. K. Dalmia, chairman, The Cotton Textiles Export Promotion Council, while welcoming the move.
