Mumbai: The scheme of tax refunds for exporters who have ignored strategic sectors such as pharmaceuticals, chemicals and iron & steel has raised concerns, with industrial associations that are looking for reviews from the government.
The center has announced this scheme, which provides Surcor around 8,500 products (or row rates) with refunds of money ranging from 0.5% and 4.3%, on August 17.
Exporters, exposed to high sky transport levels and other levies over the past 15 months.
, hoping for assistance through government forgiveness of the duties and taxes in the export product scheme (Rodtep), was announced to increase exports.
In certain sectors, this scheme offers a little break because the exporters feel ‘low rates’ most will make their products not competitive.
“The pharmaceutical industry has submitted a comprehensive report that proves at least where 5-6% of the refuse is logically and is scientifically justified.
Does not provide Rodtep remissions about the task will cause intense pressure on the industry and influence exports And China has become aggressive roughly on the line market (rest of the world) which has 50% of the shares globally.
In other 50% – the market is very organized in the US and EU – the price is under pressure.
along the MEIS (export of merchandise from Indian scheme) contributions and exceptions of Rodtep tasks, both upper lines and under the export industry $ 25 billion will be greatly affected, he added.
The exception of steel, which contributes around 2% to Indian GDP, from this scheme also raises concerns.
Jindal stainless md abyuday jindal said, “This is an encouraging step by the government to dismiss the country’s export potential.
However, the steel industry anxiously waiting in the Rodtep list.
This is a necessary step to fulfill this government’s vision about ‘made in India; made for the world.
“Furthermore, the government has delayed the implementation of the Rodtep scheme for export-oriented units, and units at SEZ.” Until these units are closed, they must face intense competition from other competitors such as Turkey, Vietnam, Morocco, “said Vijay Kalantri, President, All India Associents, said the Indian export-oriented unit from the agro-processing sector faces tight competition from these countries, which has free access to UE tasks.
“We have asked all 27 of our councils to resend data (where the tariff is low) so Problems can be taken.
Also, we hope the committee will be formed quickly to overcome this problem, “a Sakthiel, President, Fieo, told Ti.
Rodtep’s refusal to certain sectors (which is fine), amounting to whipping horses who won, said an expert industry.
The industry addresses reviews about tax refund schemes
