New Delhi: The Central Board of Excise and Customs today said it has increased the customs duty drawback rate on imported vehicles to 2% from 1.7-1.9% with effect from Jan 25.

The customs board increased the drawback rate for products under Section 87, which include imported motor vehicles other than railway or tramway rolling stock.

The drawback process essentially involves refund of duties, taxes, and fee imposed on imported products that are further exported.

The government has taken a decision to introduce a composite cap on payment of drawback on tractors along with a composite rate for the category.

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Free Press Journal