NEW DELHI: Even as the Commerce Ministry, export organisations and various corporates have been pleading for continuation of the Duty Entitlement Pass Book (DEPB) scheme for some more time to ensure price competitiveness in global markets for Indian products, the Finance Ministry appears to have made up its mind on ending the tax rebate scheme from June 30.
In an apparent rejection of requests of various exporter organisations, Revenue Secretary Sunil Mitra said: “All exports will be zero-rated after Duty Entitlement Pass Book scheme ends. Two similar kinds of schemes cannot go on. It will save some revenue for the government”.
Under the 14-year-old DEPB scheme, exporters are accorded tax rebates on local levies on account of which the government has to forego revenue of about Rs.8,000 crore.
After repeated extension of the scheme on a yearly basis, the scheme is to come to an end next month.
In an apparent rejection of requests of various exporter organisations, Revenue Secretary Sunil Mitra said: “All exports will be zero-rated after Duty Entitlement Pass Book scheme ends. Two similar kinds of schemes cannot go on. It will save some revenue for the government”.
Under the 14-year-old DEPB scheme, exporters are accorded tax rebates on local levies on account of which the government has to forego revenue of about Rs.8,000 crore.
After repeated extension of the scheme on a yearly basis, the scheme is to come to an end next month.
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