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Centre Release Rs. 56,027 Cr Under Various Export Promotion Schemes

The ministry also said that a total amount of 56,027 crore is being released under various export promotion schemes.

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The Government of India, on Thursday,  said that it is releasing a total amount of 56,027 crore against pending tax refunds of exporters several Export Promotion Schemes. The amount would be disbursed to over 45,000 exporters.

The ministry also said that a total amount of  56,027 crore is being released under various export promotion schemes.

This amount includes claims relating to Merchandise Exports from India Scheme (MEIS), Service Exports from India Scheme (SEIS), Rebate of State Levies (RoSL), Rebate of State and Central Taxes and Levies (RoSCTL), other scrip based schemes relating to earlier policies.

Apart from that it also includes the remission support for Remission of Duties and Taxes on Exported Products (RoDTEP) and RoSCTL for exports made in the 4th quarter of FY 20-21. Benefits would be disbursed to more than 45,000 exporters, out of which about 98 per cent are small exporters in the Micro Small and Medium Enterprises(MSME) category. 

The Finance Ministry in a press release said, "The amount of Rs 56,027 crores of arrears is for different export promotion and remission schemes: MEIS (Rs 33,010 crore), SEIS (Rs 10,002 crore), RoSCTL (Rs 5,286 cr), RoSL (Rs 330 crore), RoDTEP (Rs 2,568 crore), other legacy Schemes like Target Plus etc (Rs 4,831 crore). This amount is over and above duty remission amount of Rs 12,454 crore for the RoDTEP scheme and Rs 6,946 crore for RoSCTL scheme already announced for exports made in this year i.e. FY 2021-22."

Exports in India have witnessed growth in recent months. Merchandise exports for April-August, 2021 was nearly $164 billion, which is an increase of 67 per cent over 2020-21 and 23 per cent over 2019-20.  

"This decision to clear all pending export incentives within this financial year will lead to even more rapid export growth in coming months," the official statement added. 

For merchandise exports, all sectors covered under MEIS, such as Pharmaceuticals, Iron and steel, Engineering, Chemicals, Fisheries, Agriculture and Allied Sectors, Auto and Auto Components would be able to claim benefits for exports made in earlier years.  

Service sector exporters, including those in the travel, tourism, and hospitality segments will be able to claim SEIS benefits for FY 2019-2020, for which Rs 2,061 crore has been provisioned. The SEIS for FY 2019-20 with certain revisions in service categories and rates is being notified. This support would have a multiplier effect and spur employment generation.

The apparel sector, which is a major labor-intensive sector, would get past arrears under ROSCTL and ROSL, and all stakeholders in the interconnected supply chains would be strengthened to meet the festive season demand in international markets.

(With PIB inputs)

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