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2005-11-25
Re-fixation of duty drawback rate for knitwear exports has discouraged Tirupur Exporters' Association (TEA).
Though the government has raised the value cap in the drawback rate, the percentage rate of the drawback has not been given consideration, thus allowing the current rate of 6 percent to continue.
Government has rejected the plea of garment industry to consider the 7 to 10 percent transaction costs, the increase in fuel price and the incidence of the service tax burden on the shippers while fixing the drawback rate, said TEA spokesperson.
The TEA President, A. Sakthivel, has appealed the Union Finance Minister to increase the drawback rate for the garment exporters to 10.6 percent as existed before January 2005, in order to enable the export industry to maintain the pace in export trade and supporting job creation.
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