The Finance Ministry has come up with a revised all industry rates of duty drawback.
The revised all industry rates (AIR) are to be effective November 22, the Central Board of Excise and Customs (CBEC) has said.
Under the revised rates, drawback caps continue on most tariff items with all industry rates above 2 per cent. The caps have been revised.
Duty drawback payments are made to exporters to compensate them for the Customs and excise duties paid on the inputs used in the manufacture of exportable products.
The AIR has been fixed at Rs 219.9 per gram for gold jewellery and its parts and Rs 3112.5 per kilogram for silver jewellery and its articles. Guar Gum has been provided a ad valorem rate (composite) of 0.75 per cent with a cap of Rs 1,270 per tonne.
The all industry rate is usually fixed as a percentage of free-on-board price of export products.