The Hindu Business Line : Industry drawback panel broad-based

THE Finance Ministry has broad-based the committee that had been set up to recommend the All Industry Rates of Duty Drawback for 2005-06. The reconstituted committee has been asked to submit its report to the Revenue Secretary, Mr K.M. Chandrasekhar, by April 15.

The two-member committee comprising Mr Saumitra Chaudhuri, Member, Economic Advisory Council to Prime Minister, as Chairman, and Mr T.R. Rustagi, Chief Commissioner of Customs and Central Excise (retired), set up on February 28 would now have three members (including the Chairman). Former Textile Secretary, Mr S.B. Mohapatra, has now been appointed as a member of the Committee.

The Joint Secretary (Drawback) would be the Secretary of the committee.

Official sources said that the reconstituted committee would work out the modalities for calculation of duty drawback and recommend All Industry Rates of Duty Drawback for 2005-06 for all the existing items as well as for new items that may be suggested by the stakeholders. "All sectors would be considered. The committee would suggest duty drawback rates on the basis of changes made in the Budget 2005-06," sources said.

The Finance Minister, Mr P. Chidambaram, had in his Budget speech said that the drawback rates for exported goods would be reviewed in the light of changes made in customs and excise duties and modifications, wherever necessary, would be notified by April 30.

The terms of reference of the committee includes interaction with the administrative ministries, export promotion councils, commodity boards, trade bodies and other stakeholders to elicit their views on the existing duty drawback scheme (All Industry Rate).

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