ANNOUNCEMENT 17 Aug 2017
The Indian Ministry of Finance reduced the rebates rates under the Duty Drawback Scheme for gold jewellery, silver jewellery and other articles of silver. The Scheme provides rebates of payments of duties paid on imports or local purchase of articles that are used to manufacture export products.
NUMBER OF INTERVENTIONS
Notification No. 79/ 2017 - CUSTOMS (N.T.)
On 17 August 2017, the Indian Ministry of Finance through Notification No. 79/2017-Customs (NT) reduced the All India Rates (AIR) for Duty Drawback as follows -
The rates for silver jewellery and articles thereof were reduced on 25 May 2018 and for gold jewellery on 24 September 2018 (Please see related State Acts).
The Duty Drawback Scheme aims to provide a rebate of taxes paid on raw materials, indigenous or imported, to manufacture export goods and is calculated as a percentage of the value of the goods exported.
* INR to USD conversion as on 17 August 2017 at INR 64.10/USD.