Suspension of benefits under incentive programs to affect the confidence of the exporting community: PHDCCI
He said exporters expected favorable news on merchandise exports from India (MEIS), service exports from India (SEIS), remission of duties and taxes on export products (RoDTEP) and other certificates to boost their exports during the pandemic.
PHDCCI President Sanjay Aggarwal said: âThe temporary suspension of the disbursement of these scripts will have some impact on their confidence. This is a period when exports are picking up and increasing by double digits. So, at this stage, the early announcement of the benefits of the scripts would boost the confidence of exporters.
The Commerce Ministry said on Thursday that the granting of benefits under various export incentive programs would be suspended for a temporary period due to changes in the award procedure.
Exporters receive benefits under schemes such as MEIS, SEIS, Rebate of State Levies (RoSL) and Rebate of State and Central Taxes and Levies (RoSCTL).
The chamber said exporters are uncertain about the cost of their products, which limits their ability to compete in the industry.
“Continued delay would have a major impact on potential exports, as exporters are reluctant to sign new contracts, especially in sectors with tight margins,” he added.
Separately, the Chairman of the Indian Plastics Export Promotion Council Arvind Goenka said the plastics industry is waiting for a quick announcement of RoDTEP rates and a rapid allocation of funds for the reimbursement of integrated taxes so that the trajectory of export growth is maintained. PTI RR HRS hours
Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI