ECONOMYSuspension of benefits under incentive schemes to affect exporting...

Suspension of benefits under incentive schemes to affect exporting community’s confidence: PHDCCI

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Temporary suspension of issuance of benefits under various export incentive schemes due to changes in the allocation procedure will have some impact on the confidence of exporting community, industry chamber PHDCCI said on Friday. It said exporters were expecting favourable news on Merchandise Exports from India Scheme (MEIS), Services Exports from India Scheme (SEIS), Remission of Duties and Taxes on Export Products (RoDTEP), and other scrips to boost their exports during the pandemic.

PHDCCI President Sanjay Aggarwal said, “The temporary suspension of disbursement of these scrips will have some impact on their confidence. This is a period when exports are recovering and growing in double digits. So, at this juncture, early announcement of the scrips benefits would build the confidence of the exporters.”

The commerce ministry on Thursday said issuance of benefits under different export incentive schemes would be on hold for a temporary period due to changes in the allocation procedure.

Exporters avail benefits under schemes like MEIS, SEIS, Rebate of State Levies (RoSL), and Rebate of State and Central Taxes and Levies (RoSCTL).

The chamber said that exporters are uncertain with regard to the costing of their products restricting their ability to compete in the industry.

“Continuous delay would have a major impact on potential exports, as exporters are hesitant to sign new contracts, particularly in sectors with tight margins,” it added.

Separately, Plastics Export Promotion Council of India Chairman Arvind Goenka said the plastics industry was awaiting an early announcement of RoDTEP rates and an early allocation of funds towards refund of embedded taxes so that export growth trajectory is maintained.

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