Press Information Bureau (PIB) has issued presentation dated 14th September, 2019 provided by Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman’s on measures to Boost Economic Growth.
Key Measures announced for economic growth are:
- Scheme for Remission of Duties or Taxes on Export Product (RoDTEP) shall replace Merchandise Export Incentive Scheme(MEIS). Textiles and all other sectors which currently enjoy incentives upto 2% over MEIS will transit into RODTEP from 1st January, 2020. In effect, RODTEP would adequately incentivize exporters than existing schemes put together.
- Fully electronic refund module (FORM GSAT RFD-01) for quick and automated refund of Input Tax Credit (ITC) under GST shall be implemented by end September 2019 which is expected to monitor and speed up ITC refunds.
- Export Credit Guarantee Corporation (ECGC) will expand the scope of Export Credit Insurance Scheme (ECIS) and would offer higher insurance cover to banks lending working capital for exports.
- Priority Sector Lending (PSL) norms for Export credit have been examined and enabling guidelines are under consideration of RBI.
- Leverage technology to reduce “Time to Export or Turn-around time” – through seamless process digitization of all export clearances (port/airport/customs, etc) and elimination of offline/manual services.
- An Online “Origin Management System” for exporters to enable them to obtain Certificates of Origin shall be launched in the next few weeks by DGFT in collaboration with Exports Inspection Council. This is expected to significantly improve ease of doing business for exporters.
For further details please refer the attached document.
Source: Press Information Bureau (PIB)
