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of <h1>New Duty Drawback Rates Effective May 5, 2005: Broader Coverage, Ad Valorem Rates, Streamlined Processing for Exporters.</h1> The Ministry announced revised All Industry Rates of Duty Drawback effective from May 5, 2005, following recommendations from a government-constituted committee. The new schedule adopts the Harmonized System (HS) classification, offering broader product coverage and aligning with international standards. Significant changes include the shift from specific to ad valorem rates for most products, reflecting changes in input prices and duties. The revised rates generally increase, with specific caps for various products such as silk, wool, cotton yarn, carpets, garments, leather goods, and metals. The Customs' EDI system facilitates streamlined processing of drawback claims, enhancing efficiency and addressing exporter grievances promptly.
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