Exporters hail revision of duty drawback rates on gold, silver

The duty drawback rates on gold and silver have been revised and increased by the Union ministry of finance. The rate for gold has been raised from Rs 431.1 to Rs 704.1 per gram, while the rate for silver has been increased from Rs 4,105.6 to Rs 8,949 per kg. This revision will benefit the gem and jewellery industry by allowing exporters to receive higher returns on duty and taxes paid for raw materials. It will also help reduce costs and enhance the appeal of products in international markets.