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TMI BlogDrawback - Salient features of All Industry Rates of Duty Drawback for 2005-06X X X X Extracts X X X X X X X X Extracts X X X X ..... he new Schedule may kindly be given wide publicity in vernacular newspapers and local English newspapers. 3. The Board may be apprised of the action taken at an early date. Press Note The Ministry has announced the revised All Industry Rates of Duty Drawback vide Notification No. 36/2005-Cus. (N.T.), dated 2-5-2005. These rates shall come into force with effect from 5-5-2005. 2. The Ministry of Finance had constituted a Committee to determine the drawback rates, consisting of Shri Saumitra Chaudhuri, Member, Economic Advisory Council to Prime Minister as Chairman, Shri S.B. Mohapatra, former Secretary, Ministry of Textiles and Shri T.R. Rustagi, former Chief Commissioner of Customs Central Excise as Members. The Committee held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , been fixed in specific items, i.e. weight or piece, as the case may be. 5. The existing Drawback Schedule is based on a mixed classification that has grown out of precedent and convenience over the decades. Basically, the first two digits reflect the chapter heading while the subsequent two digits are in most cases arbitrary, derived from precedent and convenience. It has been felt that the classification system to be used for notifying the All Industry Rates of Duty Drawback should be insulated from any charge of classificatory confusion. It has, therefore, been decided to adopt the HS classification as the basis for fixing drawback rates. Thus, the new Drawback Schedule is now fully aligned with the HS Nomenclature at the four dig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quality silk fabrics has been revised from Rs. 126/kg to 7.5% with a drawback cap of Rs. 140/kg. In the case of wool, the new drawback rate for woollen worsted yarn grey - weaving quality is 6.5% with a cap of Rs. 22/kg as against the existing rate of Rs. 16.50/kg. 8. As against the existing drawback rate on cotton yarn at Rs. 4/kg (grey) and Rs 8/kg (dyed), the new drawback rates for cotton yarn are 3.5% with a cap of Rs. 5/kg (for grey yarn of less than 60 counts) and 4.5% with a cap of Rs 8/kg (for dyed yarn of less than 60 counts). In respect of cotton yarn of 60 counts and more, a higher rate of 5%/6% with a cap of Rs. 10 per kg/ Rs. 13 per kg has been provided depending upon whether the yarn is grey or dyed. As for cotton fabrics, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d). 12. The drawback rates on leather and leather products have mostly been revised upwards. The new drawback rate for finished leather is 6.3% with a cap of Rs. 5 per sq.ft. as against the existing rate of 5.1% with a cap of Rs. 3.40 per sq. ft. Likewise, the new drawback rate for leather footwear for adults is 8.3% with a cap of Rs. 70 per pair and the rate for leather footwear for children is 9% with a cap of Rs. 40 per pair. Under the existing Schedule, no distinction exists between adult footwear and children footwear and all leather footwears carry a drawback rate of 7.9% subject to a maximum of Rs. 61/pair. In the case of leather apparels the rate provided is 7.5% with a cap of Rs. 400 per piece as against the existing rate of 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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