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Membership NO : 1 Posts : 1672 Join date : 2011-03-27
| Subject: Indian Govt Decides To Abolish Tax Incentive Scheme For Exports Wed May 18, 2011 8:54 am | |
| Indian Govt Decides To Abolish Tax Incentive Scheme For Exports
The Indian government has decided to abolish the tax incentive scheme for exporters on June 30 on the ground that the export industry in Asia's third-largest economy was doing well and needed no incentives, reports said, quoting Revenue Secretary Sunil Mitra. Talking to reporters, he said the government faced an estimated annual loss of Rs.8,000 crore ($1.77 billion) from the Duty Entitlement Pass Book scheme (DEPB), which began in 1997. The DEPB scheme is a tax incentive scheme for exporters under which the government reimburses around $1,800 crore a year to exporters on taxes paid on imported supplies. The duty drawback scheme is an export incentive scheme also offered by the Indian government to offset levies paid on inputs with rates fixed annually, based on the duty structure in the budget. Last week, Trade Secretary Rahul Khullar said India's April exports surged by more than three-fold on demand for engineering goods, gems and oil products. India's merchandise exports rose an annual 37.5 percent to around $246 billion in the last fiscal year, surpassing the initial target of $200 billion. Last month, Trade Minister Anand Sharma said the country would achieve at least 25 percent exports growth in the current fiscal year, and was aiming to double it within three years. In April, the government rolled back a 2 percent interest subsidy paid to exporters, as it seeks to rein in fiscal deficit -- estimated at 4.6 percent of gross domestic product in 2011-12. (Market News Provided by RTTNews räumung wien - entsorgung wien - reinigung Wien - wohnungsreinigung wien - umzug wien - yallakora - entsorgung wien - umzug wien - wohnungsräumung wien - entsorgung - entsorgung wien - entsorgen - entrümpelung - entruempelung - umziehen wien - Umziehen - umziehen - forex news - forex training - forex trading - umzug wien - umzug loan,plastic,blood,Medicine,eye,ear,alternative,medicine,medical,Surgery,Plastic,cardiac,heart,cardiology,Oncology,Diabetes,blood,forex,health,sexual,news,palliative,loan ,alternative,mind,geriatric,orthopedic,plastic,oncology,uro,cardiology,nephrology,kidney,blood.haematology,psychiatry,skin,derma,gland,endocrinology,chest,sex,alternative, stomach,liver.intestine,pancrease,uterus,ovary,children,neonat,boy,parent,eye,ophthalmology,epidemics,endemic,ear,nose,throat,physiology,anatomy,micro,bio,forex,anus, biochemistry,histopathology,toxic,poison,forensic,Palliative,Care,medicine,life,vagin,rent,books,palliative,rent,loan,newborn,nutrion,cosmotic,forex,foot,pelvis,family,surgery, |
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