Home / Knowledge / News / Apparel/Garments / All tax refunds under India's new export scheme seem tough

All tax refunds under India's new export scheme seem tough

12
Sep '19
Pic: Shutterstock
Pic: Shutterstock
As India works on an ‘export package’, it may not be possible to shift all exports to the Rebate of State and Central Taxes and Levies (RoSCTL) scheme because of budget constraints. The government, instead, wants the commerce department to identify priority sectors that need more support. RoSCTL will replace the Merchandise Exports from India Scheme (MEIS).

The new scheme, put together by the commerce department after the United States dragged India’s export promotion programmes to the World Trade Organisation (WTO), is expected to be taken up by the cabinet soon, according to a report in a top English-language newspaper.

On an average, the government has estimated that the incidence of central and state levies added up to 4-5 per cent, which needed to be refunded. With merchandise exports estimated at over $330 billion, refund of levies would add up to over $16 billion or more than ₹1.1 lakh crore.

For the current fiscal, the government has budgeted for a revenue impact of ₹65,720 crore on account of all export-promotion schemes. Of this, MEIS is estimated to have an impact of ₹36,615 crore. Already, some of the goods and service tax (GST) is refunded to exporters.

The government recently released ₹6,000 crore for the textiles industry, while insisting that some of the other sops for exporters should be dropped. While the rebate scheme for all exporters is being finalised, the government is also working on ways to improve access to loans for which commerce and industry minister Piyush Goyal has held several round of deliberations.

The rebate scheme reportedly is almost ready and is expected to be announced shortly. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock/humphery

Textiles | On 18th Sep 2021

China wants to join CPTPP; Japan to consult members to respond to bid

Chinese commerce minister Wang Wentao recently submitted an...

Pic: Shutterstock

Textiles | On 18th Sep 2021

Eurozone GDP recovers quicker than expected after lockdowns: EU report

The eurozone economy recovered more rapidly than considered earlier...

Pic: Shutterstock

Apparel/Garments | On 18th Sep 2021

BGMEA urges Canadian buyers to source apparel from Bangladesh

Bangladesh Garment Manufacturers and Exporters Association (BGMEA)...

Interviews View All

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Dhirubhai & Arvind Shah,

Dhirubhai & Arvind Shah

It supplies synthetic fabrics to top international brands like M&S,...

Alberto Gotti,

Alberto Gotti

Danitech was born from the will of a group of technicians to offer the...

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search