• Deccan Chronicle
  • Andhra Bhoomi
  • Asian Age
  • ePaper
  •  Auto Refresh
Home

ePaper
Last Updated:01:21 PM IST | Saturday, Jan 28, 2023
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Menu
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Home > Economy > Govt announces Rs 50,000 cr export incentive scheme
Economy
Govt announces Rs 50,000 cr export incentive scheme
By  
PTI   , Published : Sep 14, 2019, 3:38 pm IST | Updated : Sep 14, 2019, 3:38 pm IST

The minister also said there will be a fully automated electronic refund route for input tax credits (ITC) in GST.

India's merchandise exports declining by 6.05 per cent to USD 26.13 billion in August.
India's merchandise exports declining by 6.05 per cent to USD 26.13 billion in August.

New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced a new scheme -- Remission of Duties or Taxes on Export Product (RoDTEP) -- to incentivise exporters at an estimated cost of Rs 50,000 crore to the exchequer.

The announcement comes in the backdrop of India's merchandise exports declining by 6.05 per cent to USD 26.13 billion in August compared to the year-ago month.

The minister also said there will be a fully automated electronic refund route for input tax credits (ITC) in GST. This will be implemented by the month-end. The move, she added, is aimed at quick and automated refunds of ITC.

She said RoDTEP will replace the existing incentive schemes and "will more than adequately incentivise exporters than the existing schemes put together".

The minister said the revenue foregone towards the scheme is projected at Rs 50,000 crore.

end-of
Tags: 
export, nirmala sitharaman, incentive scheme, government
Location: 
India, Delhi, New Delhi
Latest From Economy
Former RBI governor Urjit Patel has written a book titled Overdraft: Saving the Indian Saver.

Urjit Patel: Why our banks aren't saviours of the Indian saver

FIEO Director General Ajay Sahai said the global situation is likely to improve in the first half of 2020, which would have a positive impact on India's exports.

Exports to rebound in 2020 but growth to remain subdued

ICRA Economist Aditi Nayar expects moderation in vegetable prices to a large extent by early 2020. (Photo: File)

Inflation leaves consumers teary-eyed as pricey onions, food items bite

Most Popular

Mukesh Ambani 9th richest on Forbes' real-time billionaires list
Top credit card myths harmful for your financial well-being
Microsoft CEO Satya Nadella tops Fortune's Businessperson of the Year 2019
Employment growth slowed down in last two years: report
GST structure: key challenges and its solutions

Editor's Picks

Income tax e-filers drop by over 6.6 lakh in FY19: Official data
Swiping on your smartphone reveals a lot about you to your social media company
  • Read Financial Chronicle as it appears in print.
  • Subscribe, and get it delivered in the inbox everyday.
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
  • Home
  • About Us
  • Contact Us
  • Terms of Service
  • Privacy Guidelines
  • Copyright © 2019 Financial Chronicle, All rights reserved
Developed & Maintained By Daksham