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Goyal for timely refund of taxes for exporters, reforms in SEZs.
Jan 07, 2022
Minister of Commerce and Industry Piyush Goyal on Thursday called for ensuring timely refund of taxes for exporters and giving further thrust to ease of doing business in the country. Goyal’s comments followed a review of the progress made under two schemes -- the 'Remission of Duties and Taxes on Exported Products' (RoDTEP) and 'Rebate of State and Central Taxes and Levies' (RoSCTL) on Thursday.
The RoDTEP scheme which was notified on exports from 1 January 2021, creates a mechanism for reimbursement of taxes/duties/ levies, which are currently not being refunded under any other mechanism, at the central, state and local level, but which are incurred in the process of manufacture and distribution of exported products. The RoDTEP scheme has been introduced with a budget of Rs 12,454 crore. Government has released Rs 2,568 crore to clear pending export incentive dues to exporters under RoDTEP and other legacy schemes like Target Plus Scheme (TPS).
Under the RoSCTL scheme notified in 2019, exporters are issued a duty credit scrip for the value of embedded taxes and levies contained in the exported product. Government has released Rs 5,286 crore to clear pending export incentive dues to exporters under the RoSCTL scheme and has extended the RoSCTL scheme for apparel and made-up exports till March 2024 with existing rates.
The Minister also held a meeting to discuss reforms in India’s Special Economic Zones which would further boost exports and facilitate rapid economic growth by simplifying business and regulatory framework in the country. Speaking at a conference on SEZ organised by Confederation of Indian Industry (CII) in October 2021, S Kishore, Special Secretary, Ministry of Commerce had said extension of RoDTEP scheme to SEZs are in the pipeline to make them more investor friendly.
India’s SEZs account for one fourth of the country’s exports and a slew of measures like digitization of processes and promotion of green zones have been undertaken to attract foreign investment in SEZs. According to Kishore there is strong inter-ministerial coordination for addressing policy issues and promoting Indian SEZs as readymade land banks that offer plug and play facility.
Industry has also flagged the need to adopt a cohesive approach in promoting SEZs, increase the presence of manufacturing sectors in these zones and enhance their efficacy through efforts to ensure ease of exit as the sunset clause for SEZ tax incentives has set in. Granting infrastructure status to SEZs, formulating separate rules and procedures for manufacturing and services SEZs, and merging the SEZ policy with other schemes such as the national industrial manufacturing zones will also prove to be useful, CII has suggested.
uniindia.com
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