The finance minister in his meeting with chief commissioners recently discussed the fact that because of the rupee depreciation imports have become more expensive leading to increase in the amount of refunds on duty drawbacks. There is scope for cutting the rates so that the refunds are maintained at about the same levels since the base on which the duty drawback is done which is the cost of imports has gone up due to rupee depreciation.
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The finance ministry is now looking into the matter. In fact the finance minister had met Saumitra Chaudhuri who will be submitting a report on the matter in about one month's time.
Also the finance minister has asked the tax department if duty drawback cuts can be implemented retrospectively from April 1. This is an annual exercise but this year the mandate is to cut the rates. So, it remains to be seen what exactly Saumitra Chaudhuri will recommend.
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