India's Refund Duty Scheme to Benefit Range of Sectors
India’s new duty refund scheme for imports that are later exported will cover more than 8,000 export items, the Hong Kong Trade Development Council reported Sept. 1. Certain manufacturers can use “any such credit” to pay the basic customs duties…
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associated with the imported goods or “to pass on to other importers,” HKTDC said. The tax refund will range from 0.5% to 4.3% of the export value, and will apply to the gems and jewelry sector as well as to marine, agricultural, leather, auto, electronics, machinery, plastics and electrical goods. Certain industries are excluded -- including the steel, chemical and pharmaceutical sectors -- as well as certain exports. India recently published guidelines about the new scheme, called the Remission of Duties and Taxes and Exported Products (see 2108170037).