The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) has welcomed the new duty drawback rates announced by the Government of India. Stating that the increased rates will provide relief to the exporters, SRTEPC chairman Narain Aggarwal said the drawback rates declared now need to be enhanced at least up to 6 per cent to 7 per cent.
The maximum increase of drawback rates on MMF textiles is by about 1.5 per cent and also the product of nylon filament yarn (dyed) has been added under drawback code as 540203 at the rate 6.7 per cent with a cap of ₹31.2/kg.
Aggarwal expressed his gratitude to the government for hearing SRTEPC’s plea and urged to consider the recommendations forwarded by the SRTEPC. Requesting for upward revision of the drawback rates, he said it would help the exporters face the competition in the overseas market.
He also thanked SRTEPC members for their kind cooperation and support in substantiating the data. He has also sought support and cooperation of the industry in the matter for more favourable rates in the future.