Government gave a gift to exporters, will be able to apply for pending tax refund till December 31

According to a notification of the Ministry of Commerce, exporters can claim their pending dues under various export promotion schemes through online application till December 31. On September 9, the government had announced the release of Rs 56,027 crore for pending tax refunds of exporters under various export promotion schemes. Exporters can claim pending refunds for export of goods under India Scheme (MEIS). This claim can be made for exports made from 1st July 2018 to 31st March 2019, 1st April 2019 to 31st March 2020 and 1st April 2020 to 31st December 2020.

One can apply for exports made during 2018-20 under Export of Services under India Scheme (SEIS). The last date for submission of online applications under MEIS, SEIS, ROSCTL, ROSL and 2% additional adhoc incentive has been notified as December 31, 2021.

Recently, the government announced the RODTEP scheme, giving relief to the exporters. The full name of this scheme is Remission of Duties and Taxes on Exported Products. This scheme will be replaced by the Merchandise Export from India (MEIS) scheme. At present, a budget of Rs 12500 crore has been allocated for the RODTEP scheme.

No moratorium will be available after December

Similarly, garment exporters can file applications for exports made during March 7, 2019 to December 31, 2020, under the RoSCTL (Exemption of State and Central Levies and Taxes) scheme. It added that after December 31, no further applications will be allowed to be submitted and they will become time-barred.

Further, the validity period of duty credit scrip or certificate issued on or after 16th September, 2021 will be 12 months from the date of issue.

Commenting on this, former FIEO President SK Saraf said that the decision to extend the last date for application of scrip based schemes is a welcome step.

He said that this shows the sensitivity of the government towards the difficulties being faced by the exporters in these challenging times. However, DGFT needs to make the application portals operational and ensure their continuous functioning, he added.

About 46 percent jump in exports in August

In the month of August, the country’s exports grew by about 46 percent to $ 33.28 billion. The trade deficit widened to a four-month high due to higher imports.

In August, there was a jump of 51.72 percent in total imports and this figure stood at $ 47.09 billion. In August 2020, the country’s total imports stood at $ 31.03 billion.

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