Rs. Exporters look at tax refund of Rs 56,027 crore

New Delhi: The Center will soon release a pending tax refund of Rs 3,08 crore to give a big relief to exporters. This will help exporters, who are facing declining demand and liquidity due to the Corona epidemic, and help the government achieve its વર્ષ 200 billion export target for the current year.

Exporters facing financial liquidity problem relieved by government's announcement of quick release of refunds

The amount will be distributed among more than 3,000 exporters, the Union Commerce Ministry said. The total amount of Rs 3,08 crore to be released under various export incentive schemes is Rs 12.5 crore under the recently proposed Remittance of Duties and Taxes on Export Products (RoDTEP) scheme and rebate of State and Central Levies and Taxes (RoSCTL) scheme. This is different from the proposed refund of Rs 4.5 crore. This means that Rs 15,600 crore will be used under these two schemes to settle claims for the current financial year 2020. Thus, a total of about Rs 5,000 crore will be repaid to exporters. This will reduce the liquidity constraints of exporters.

Under the RoDTEP scheme, reimbursement of taxes and duties and exemption of Central and State taxes applicable to textile exports under RoSCTL are promoted.

The government believes that the decision to meet all pending export incentives within the current financial year will increase the liquidity available to exporters in the coming months and enable them to meet the growing export demand. At the same time, it will help achieve the export target of 200 billion during the current financial year. Apart from that, exporters associated with the service sector tourism, tourism and hospitality sector will also be able to claim SEIS benefits for the financial year 2018-2020, for which a provision of Rs 2,081 crore has been made.