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Increased duty drawback on tyre exports

News 1
Posted: February 6, 2018 at 10:25 am   /   by   /   comments (0)

The duty drawback rates on tyres were increased by the finance ministry to give a boost to exports of automobile tyres and bicycle tyres.

Before GST was implemented the duty drawback scheme was responsible  to negate the impact of customs and excise duties paid by manufacturers on raw materials used by them for export manufacturing.

With  GST implementation ,there was a reduction of  the rates of  duty drawback-limiting them to refunds of only customs duty on raw material consumed.

This correction is going to get the industry the benefit close to what was earlier the case in the days before GST was implemented.

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