CBIC revises AIR of Duty Drawback of Gold and Silver Jewellery/Articles, Reduces to Half

The Central Board of Indirect Taxes and Customs (CBIC) has revised the All Industry Rate (AIR) of duty drawback for gold and silver jewelry articles. The updated AIR rates have been reduced by half. This adjustment aims to align with the current market conditions and trade practices. The revision affects various categories of jewelry and is a significant shift from previous rates. It impacts manufacturers and exporters of gold and silver jewelry, potentially altering their cost structures and export profitability. The move is part of a broader strategy to refine the duty drawback scheme, ensuring it better reflects market realities and trade requirements.