The authorities could lastly notify the refund charges for taxes paid on exported items by the tip of this month, a senior commerce official stated on Friday, virtually 5 months because the introduction of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme with the delay affecting exporters’ pricing methods.
Directorate General of Foreign Trade (DGFT) Amit Yadav informed exporters the RoDTEP charges could be introduced in 15 days, though Commerce Secretary Anup Wadhawan was non-committal on the precise timeframe throughout an interplay with reporters later within the day, solely stating the charges could also be notified ‘very soon.’
Meanwhile, exporters reiterated their demand that the federal government deliver to an finish the suspense over the RoDTEP scheme urgently with the intention to assist forge new contracts with overseas patrons amidst a minor restoration in international commerce.
Sharad Kumar Saraf, president of the Federation of Indian Export Organisations (FIEO) stated other than notifying the charges, the federal government should launch the required funds for RoDTEP’s implementation in addition to to pay excellent dues on earlier incentive schemes for merchandise and providers exports.
“Once these issues pertaining to the RoDTEP and the older Merchandise Exports from India Scheme (MEIS), that have been taken up by the Commerce and Industry Ministry with the Finance Ministry, are resolved, it will provide a further impetus to the export sector,” stated Mahesh Desai, chairman, Engineering Export Promotion Council.
Mr. Wadhawan stated each items and providers exports had grown in April even after ‘normalising for April 2020 (affected by the national lockdown) being slightly anomalous. While merchandise exports grew 195.7% in April over last year and 17.6% over April 2019, services exports had risen by 28.7% in April over last year, the Ministry said.
“The recovery is broad-based and substantial. It augurs very well for the year 2021-22,” the Commerce Secretary said, exuding confidence about meeting the $400-billion export target set for this year, from about $290 billion in 2020-21.
On exporters’ considerations a few slowdown in inter-State motion of products and lack of manpower because of the lockdowns in a number of States and the demand to categorise export items as important providers, Mr. Wadhawan stated their considerations had been largely addressed.
“We have been able to balance public health issues very well with some minimal level of economic activity happening. If you see various States’ orders like Maharashtra and Karnataka, they have allowed industries to operate, including export units, with necessary safeguards to allow economic activity, with a reduced workforce on the shop floor. So, at this stage, I don’t see any major impact on our export prospects,” he concluded.