The Government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different export incentive schemes.
The amount will be disbursed to more than 45,000 exporters, the commerce ministry said.The Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.The amount will be disbursed this year only, Union Commerce Minister Piyush Goyal told reporters here.
Benefits will help sectors to maintain cash flows and meet export demand in international market, which is recovering fast this financial year, he said.
Further, the commerce and industry ministry said that the Government of India has decided to budget Rs 56,027 crore in 2021-22 itself in order to disburse all pending export incentives due to exporters. This amount includes claims relating to MEIS (Merchandise Export India Scheme), SEIS (Service Exports India Scheme), RoSL (Rebate of State Levies), RoSCTL.