Page 62 - ELT_1_1st April 2020_Vol 372_Part

Exporters for extension of all promotion schemes
Two months after the Coronavirus started decimating the global econo-
my, exporters have urgently demanded extension of all Export Promotion
Schemes, relaxed Non-Performing Asset (NPA) Norms, and faster, easier credit
disbursement by banks.
In their communication to the Finance and Commerce Ministries, the
Federation of Indian Export Organisations (FIEO) has said near a lock-down and
quarantine in many advanced economies has given a jolt to demand for Indian
goods.
With recession looming in many countries, exporters fear major cancella-
tion of orders as buyers ask to hold back shipments till further instructions, said
Sharad Kumar Saraf, President, FIEO.
[Source : Business Standard, New Delhi, dated 20-3-2020]

Government okays tax refund scheme for exporters
The Government on 13-3-2020 approved a scheme for reimbursement of
taxes and duties, which were not refunded previously, to exporters with a view
to give boost to the country’s dwindling outbound shipments. A decision to ap-
prove the Remission of Duties and Taxes on Exported Products (RoDTEP)
Scheme was taken in a Cabinet meeting chaired by Prime Minister Narendra
Modi at New Delhi.
The reimbursement of taxes such as duty on power charges; VAT on
Fuel in Transportation, Farm Sector, Captive Power Generation; Mandi Tax;
Stamp Duty on Export Documents; CGST and Compensation Cess on Coal in
Power Production; Central Excise Duty on fuel used in Transportation would
make Indian Products Competitive in Global markets, Commerce and Industry
Minister Piyush Goyal told reporters. Finance Minister Nirmala Sitharaman in
September last year had said this Scheme will incentivise exporters at an estimat-
ed cost of ` 50,000 crore to the exchequer.
These measures are compliant with the WTO (World Trade Organisa-
( A36 )
EXCISE LAW TIMES  1st April 2020  110