Revenue Dept announces drawback rates for 2018-19
New Delhi: The new All Industry Rate of Duty Drawback for 2018-19 to be made effective from December 19, 2018 have been announced by the Department of the Revenue for various export products including handicrafts.
In the new GST taxation regime, the drawback rate is only limited to the refund of the customs duty.
The committee has declared the new drawback rates wherein the rate for Agarbathi (3.9 per cent), EPNS/brass/copper artware (2.2 per cent), Iron artware (1.8 per cent), wooden handicrafts (1.9 per cent), Papier Machie (1.7 per cent), Glass artware(2.2 per cent), Glass artware made of two or more ply glass(2.5 per cent), Glass artware with silver coating (3.8 per cent), Immitation Jewellery/Aluminium artware/ musical instruments/festive articles (1.5 per cent) and handmade lace (1.6 per cent) have been notified.
EPCH Chairman O P Prahladka, said, "The drawback rates were keenly awaited and expected to be increased, however, the drawback committee has kept the drawback rates same for most of the handicraft items, except glass artware where the rates have been enhanced ranging from 2.2 per cent to 3.8 per cent, for products like aggarbati and lace there has been a marginal increase and there has been an increase in value cap in case of brass artware/copper artware/EPNS ware".
The exports of Handicrafts during the period April-November of the current financial year 2018-19 have registered a growth of 9.65 per cent in rupee terms and 1.65 per cent in US dollar terms and is currently at Rs. 16,825 crores and $2417 million.