Rubber India Weekly
 
 
Search Archives:
 
 
   
 
 
Nov 27, 2019
 
Duty exemptions under schemes ensure competitiveness of Indian exports in international markets: Piyush Goyal
 

The number of authorizations issued under tax exemptions for exports for last three years under Advance Authorization Scheme and Duty Free Import Authorization Scheme have increased from 2016-17 to 2018-19.

In 2016-17, the Number of Authorizations issued under the Advanced Authorization Scheme was 22853 which dropped to 21505 in 2017-17 and again increased to 23042 in 2018-19.

The Number of Authorizations issued under Duty Free Import Authorization Scheme in 2016-17 was 581, in 2017-18 it was 815 and in 2018-19 it was 1321.

In an information given in the Lok Sabha today, the Minister of Commerce and Industry, Piyush Goyal, said, "In the current Goods and Services Tax regime, exports are zero rated to ensure that the goods produced in India for exports are not disadvantaged due to the domestic tax burden and stay competitive internationally".

Further, under the Foreign Trade Policy, Duty Exemptions Schemes ensure that inputs imported/locally procured for use in the export products are either exempt from duties ab-initio, or the taxes are refunded to the exporters in the form of drawback after exports.

The Minister said that the duty exemptions under the Schemes ensure competitiveness of Indian exports in international markets and are compliant with India's international commitments.

 
 
 
© Copyright 2019. All India Rubber Industries Association. All rights reserved.

© Copyright All India Rubber Industries Association. All Rights Reserved. 

SSL