The government has approved a scheme for reimbursement of taxes and duties
to exporters with a view to give boost to the country's dwindling outbound
shipments.
A decision in this regard was taken in a Cabinet meeting today chaired by
Hon’ble Prime Minister. Certain key aspects are highlighted as under;
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The Commerce and Industry ministry tweeted that,
reimbursement of taxes such as duty on power charges, VAT on fuel in
transportation, farm sector, captive power generation, mandi tax, stamp duty
and central excise duty on fuel used in transportation would make Indian
products competitive in global markets. The tweet also mentioned that
measures would be compliant with WTO norms.
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The sectors and products under the remission of duties
and taxes on export products (RoDTEP) will be notified in a phased manner
and the MEIS benefit for those sectors and items will be withdrawn.
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Briefing the media about this decision, Commerce Minister
Piyush Goyal said with the rolling out of this new scheme, the Merchandise
Export Incentive Scheme (MEIS) will be "phased out".
u The taxes to be reimbursed will essentially include value added tax (VAT),
electricity duties and fuel used for transportation, which are not exempt or
refunded under any other existing mechanism.
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