New Delhi, May 27
The Commerce Ministry is considering a major export promotion scheme to ensure expeditious refund of central and state taxes and levies to boost shipments in the wake of global challenges at trade front, an official said.
The proposal is part of a 100-day action plan prepared by the ministry for the new government which will take office on May 30.
A new export promotion scheme has become necessary as the existing merchandise exports for India scheme is being opposed by the US in the World Trade Organisation, stating it is not in compliance with global trade norms, the official said.
The new scheme could be named as Central and State Taxes and Levies Scheme. According to the proposal, the new scheme would ensure refund of all un-rebated central and state levies and taxes imposed on inputs that are consumed in exports of all sectors.
Initiatives by Commerce and Industry Minister Suresh Prabhu has helped in taking exports to an all-time high of $331 billion in 2018-19. — PTI
from The Tribune http://bit.ly/30P7Pxe
via Today’s News Headlines
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