Government announces Rs 50,000 crore export incentive scheme - Hindustan Times
close_game
close_game

Government announces Rs 50,000 crore export incentive scheme

New Delhi | ByPress Trust of India
Sep 14, 2019 03:55 PM IST

The announcement comes in the backdrop of India’s merchandise exports declining by 6.05 per cent to USD 26.13 billion in August compared to the year-ago month.

Finance Minister Nirmala Sitharaman on Saturday announced a new scheme -- Remission of Duties or Taxes on Export Product (RoDTEP) -- to incentivise exporters at an estimated cost of Rs 50,000 crore to the exchequer.

A new scheme to incentivise exporters has been introduced by finance minister Nirmala Sitharaman.(Mint Photo)
A new scheme to incentivise exporters has been introduced by finance minister Nirmala Sitharaman.(Mint Photo)

The announcement comes in the backdrop of India’s merchandise exports declining by 6.05 per cent to USD 26.13 billion in August compared to the year-ago month.

The minister also said there will be a fully automated electronic refund route for input tax credits (ITC) in GST. This will be implemented by the month-end. The move, she added, is aimed at quick and automated refunds of ITC.

She said RoDTEP will replace the existing incentive schemes and “will more than adequately incentivise exporters than the existing schemes put together”.

The minister said the revenue foregone towards the scheme is projected at Rs 50,000 crore.

(The story has been published from a wire feed without any modifications to the text.)

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Sunday, July 21, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On