New Delhi – 22 Sept., 2017 – The new All Industry Rate of Duty Drawback for 2017-18 to be made effective from 1st October 2017 for various export products including handicrafts have been announced by the Department of the Revenue, Govt. of India.
In the new GST taxation regime, the drawback rate is only limited to the refund of the customs duty. The drawback committee has declared the new drawback rates wherein the rate for Agarbathi (3.7%), EPNS/brass / copper artware (2.2%), Iron artware (2%), wooden handicrafts (1.9%), Papier Machie (1.7%), Glass artware/Immitation Jewellery/ Aluminium artware/ musical instruments/festive articles (1.5%) and handmade lace (1.3%).
Shri O.P. Prahladka, Chairman, EPCH said that, “In the GST regime the government had allowed higher drawback for the transition period from July to September 2017 however due to the challenges faced by the handicrafts exporters the Government should have considered higher drawback for another three months as the exporters are still in transition in the GST regime and their capital is blocked on account of GST compliance”.
