ANNOUNCEMENT 24 Sep 2018

The Indian Ministry of Finance increased the rebates rates under the Duty Drawback Scheme for exports of gold jewellery, silver jewellery and other articles of silver.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 24 Sep 2018 | Removal date: 05 Dec 2018
Still in force

Tax-based export incentive

On 24 September 2018, the Indian Ministry of Finance through Notification No. 82/2018-Customs (NT) increased the All India Rates (AIR) for Duty Drawback as follows - 

  • On gold jewellery from INR 246.5 (~USD 3.39) to INR 264 (USD 3.63) per gram of gold content
  • On silver jewellery from INR 2851 (~USD 39.20) to INR 3410 (~ USD 46.89) per kg of silver content
  • On other articles of silver from INR 2851 (~USD 39.20) to INR 3410 (~ USD 46.89) per kg of silver content

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 24 September 2018 at INR 72.73/USD.

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