New
Delhi
The tax refund rates under the Remission of
Duties and Taxes on Exported Products (RoDTEP) may be notified soon, according
to Commerce Secretary BVR Subrahmanyam.
The move will
help exporters to confirm their contracts due to the tax reimbursement. The
RoDTEP scheme may reimburse various embedded levies paid on inputs consumed in
exports that are not currently refunded.
It replaces the MEIS (Merchandise Exports From India Scheme) from
January 01, 2021, but the refund rates are not yet announced.
Subrahmanyam
said that, a similar scheme for garment and made-up exporters, ROSCTL, would
also be notified. The government would launch a new scheme in the coming months
to transfer key districts into export hubs. Under this, districts will be
incentivised to compete with one another in catalysing investments to the
export sector. He also asked the entire business fraternity to invest their
surpluses.
The government
aims to increase merchandise exports to an amount of $ 1 trillion by FY28 ad
services exports to $ 700 billion. To realise the target, a market intelligence
network of 140 embassies and 60 consulates globally would be used. The
concerned officers have been asked to identify export opportunities and report
trade barriers in the country where they are stationed. A ‘Brand India’
campaign would be rolled out to raise awareness about Indian product qualities
abroad.
Subrahmanyam
stressed on the government’s commitment of not only supporting MSMEs but
large firms also and said that the production linked incentive schemes
represent a departure from the past.
Source:
Financial Express
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