The sharp reduction in the rates of duty drawback announced recently has come as a rude shock to exporters of man-made fibre textiles, said Mr. Ganesh Kumar Gupta, Chairman, The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) while addressing the annual general meeting in Mumbai on September 27 and urged the Government to revise the rates upward to arrest the decline in exports during the current financial year. Mr. Gupta added that the exporters were in fact expecting an increase in drawback rates in view of the hike in excise duty from 8 per cent to 10 per cent and the imposition of 5 per cent customs duty on crude oil.
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