The much-awaited tax refund rates for the new export scheme, Remission of Duties and Taxes on Export Products (RoDTEP), can be notified tomorrow, said Commerce Secretary BVR Subrahmanyam.
Exporters across the country are eagerly waiting for the rates.
Notified on 1 January, RoDTEP scheme was replaced the controversial Merchandise Exports from India Scheme (MEIS) after a WTO ruling stated that it violated the provisions of the trade body by giving export subsidies for a wide range of goods.
However, the Union Government is yet to notify the refund rates.
The scheme will ensure that exporters receive refunds on the embedded taxes and duties previously non-recoverable. It was brought to boost exports, which have been stagnant in terms of volume over the last decade.
It is pertinent to mention here that releasing funds required for the scheme will come as a huge relief for exporters and remove uncertainty from the minds of the trade and industry, forging new contracts with foreign buyers.
At CII, the Commerce Secretary also cited his concerns that while the value of exports has remained constant over the last decade, the withdrawal of export incentives has trebled. “That is something which worries the Government. How are incentives getting drawn at three times when exports are roughly constant. Any incentive should lead to better performance…You will see the effects very soon,” he said.
The Union Government is also planning to set up a real time import monitoring system, to identify high-import products as prospective for manufacturing in-house. However, he clarified that the purpose is not to control imports. There will also be focus on improving the policies for special economic zones by undertaking measures such as denotifying the spaces which are currently empty, he added.
He also said that the foreign trade policy will cover the PLI scheme and will be launched by mid-September so that export and manufacturing can be seamless.
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