+
 Piyush Goyal urges commerce and industry team to clear exporter dues
ECONOMY & POLICY

Piyush Goyal urges commerce and industry team to clear exporter dues

Minister of Commerce and Industry Piyush Goyal has urged his team to seek early payment of exporter dues from the Ministry of Finance while looking at ways to help businesses raise funds against these dues.

The commerce department is exploring an option to accept applications from exporters for the now-defunct Merchandise Exports from India Scheme (MEIS) so that traders can avail of loans against the outstanding amount and get some liquidity. The revenue department has been sitting on refunds for over a year apart from not paying exporters under the new Remission of Duties and Taxes on Export Products (RoDTEP) scheme that was launched in January.

Even four months later, the government is yet to notify the rates resulting in around Rs 15,000 crore of duty refunds pending with the central government.

As per estimates, nearly Rs 50,000 crore of MEIS payments are also due. Similarly, payment of dues under the Services Export from India Scheme are pending for FY20.

Regarding certain issues being raised by exporters, Goyal said that they should approach the department's Covid helpdesk to resolve the problems emanating due to Covid-related measures. Rates for RoDTEP have not yet been announced by the finance ministry, even as the scheme would have to be implemented from January. The exporting community has time and again urged the government regarding the rates as it would help them in factoring in those rates while negotiating prices of goods with international buyers.

The reimbursement of taxes such as duty on power charges, Value Added Tax (VAT) on fuel in transportation, farm sector, captive power generation, mandi tax, stamp duty and central excise duty on fuel used in transportation would make Indian products competitive in the global market segments.

Image Source

Minister of Commerce and Industry Piyush Goyal has urged his team to seek early payment of exporter dues from the Ministry of Finance while looking at ways to help businesses raise funds against these dues. The commerce department is exploring an option to accept applications from exporters for the now-defunct Merchandise Exports from India Scheme (MEIS) so that traders can avail of loans against the outstanding amount and get some liquidity. The revenue department has been sitting on refunds for over a year apart from not paying exporters under the new Remission of Duties and Taxes on Export Products (RoDTEP) scheme that was launched in January. Even four months later, the government is yet to notify the rates resulting in around Rs 15,000 crore of duty refunds pending with the central government. As per estimates, nearly Rs 50,000 crore of MEIS payments are also due. Similarly, payment of dues under the Services Export from India Scheme are pending for FY20. Regarding certain issues being raised by exporters, Goyal said that they should approach the department's Covid helpdesk to resolve the problems emanating due to Covid-related measures. Rates for RoDTEP have not yet been announced by the finance ministry, even as the scheme would have to be implemented from January. The exporting community has time and again urged the government regarding the rates as it would help them in factoring in those rates while negotiating prices of goods with international buyers. The reimbursement of taxes such as duty on power charges, Value Added Tax (VAT) on fuel in transportation, farm sector, captive power generation, mandi tax, stamp duty and central excise duty on fuel used in transportation would make Indian products competitive in the global market segments. Image Source

Next Story
Infrastructure Urban

ITCONS Gains on New Rs 3.5 Million Defence Contract

ITCONS E-Solutions is trading at Rs 549.00, up by Rs 12.10 or 2.25 per cent from its previous close of Rs 536.90 on the BSE. The scrip opened at Rs 549.00 and has touched an intraday high and low of Rs 549.00, with 200 shares traded so far.A BSE ‘MT’ group stock with a face value of Rs 10, ITCONS touched its 52-week high of Rs 767.00 on 25 September 2024 and a 52-week low of Rs 166.70 on 5 August 2024. Over the past week, the stock has fluctuated between Rs 560.00 and Rs 510.60. The company's current market capitalisation stands at Rs 3.3 billion.Promoters hold 58.22 per cent of the compan..

Next Story
Infrastructure Urban

Delhi Extends EV Policy Till March 2026

The Delhi government has extended its existing Electric Vehicle (EV) Policy until 31 March 2026, or until a revised version is approved. The decision was made during a Cabinet meeting chaired by Chief Minister Rekha Gupta on Tuesday.According to Transport Minister Pankaj Kumar Singh, the draft of the new policy will undergo broader public consultation before being finalised, prompting the extension to allow time for thorough stakeholder engagement.The consultation process will include inputs from citizens, environmental groups, academic institutions, industry experts, and private firms. Key fo..

Next Story
Infrastructure Urban

Ather Crosses 400 Fast Chargers in Maharashtra

Electric two-wheeler manufacturer Ather Energy announced on Thursday that it has surpassed 400 fast charging points under its Ather Grid network across Maharashtra.The company's fast charging infrastructure now spans 35 cities in the state, including key urban centres such as Mumbai, Nashik, Pune, and Nagpur."Crossing 400 fast chargers in the state is about giving riders the assurance that they'll always find a charger when they need one. As we expand our retail presence, the charging network will continue to grow in tandem to make EV ownership truly seamless," said Ravneet Singh Phokela, Chie..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?