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


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