Public CompanyTractors exporters to get 4% duty refund
To encourage sales of tractors abroad, the government has announced a four per cent duty incentive on export of the vehicle.
- 'EOU-made goods sold in DTA must pay 3.09 pc excise' - Tractor ancillaries on high growth path - Tata Daewoo told to recall 3,276 trucks in S Korea - Low rainfall hits use of fertilisers - Oilmeal exports fall 51% during April-September - Castor output may fall on erratic rainfall
The incentive will come under the Duty Entitlement Passbook Scheme, which refunds basic customs duty paid on imported inputs for manufacturing products meant for export.
"The tractors exporters will get a four per cent duty refund under the Duty Entitlement Passbook scheme," a senior Commerce Ministry official told PTI.
While several engineering goods were given the refund on inputs of exports, this is the first time that tractor makers will be getting the benefit.
The benefits will be available to exporters who sell tractors in knocked down, semi-knocked down form or as completely built unit in the global markets, the official said.
India mainly exports tractors to the US, Nepal, Sri Lanka, Bangladesh and Brazil. Mahindra & Mahindra is one of the leading exporters.
India"s tractors exports were about $335 million in April-December 2008-09, as per the Directorate General of Foreign Trade.
In the new foreign trade policy announced in August, the government has extended the DEPB scheme till March 2010.