K V Srinivasan, Chairman of the Cotton Textiles Export Promotion Council (TEXPROCIL) has appreciated the government’s move to revise duty drawbacks rates from February 4, 2020. He feels, this will improve competitiveness of these products in the export markets.
The increase in the drawback rates is on account of various factors such as the changes in the duties, price (CIF) of imported inputs, FOB value of exports, import intensity etc. Srinivasan feels, the announcement comes as a huge relief to exporters who are already reeling under various types of pressures both internally and externally. Srinivasan further urged the government to reimburse all other taxes and duties that remain un-neutralised through the new scheme RODTEP (Remission of Duties or Taxes on Export Products), which should cover the entire value chain of Cotton textiles.