The Commerce Ministry in a brief said the government will release Rs 56,027 crore to exporters against pending tax refunds under different export incentive schemes. The tax refunds will be given to more than 45,000 exporters and the amounts are expected to be disbursed this year only, the ministry added.
Union Commerce Minister, Piyush Goel said, “This decision to clear all pending export incentives within this financial year will lead to even more rapid export growth in the coming month”. Goel further added that the benefits will help sectors to maintain cash inflows and meet export demand in the international market.
The disbursement of funds of Rs 56,027 crore includes MEIS (Merchandise Export India Scheme) Rs 33,010 crore; SEIS (Service Exports India Scheme) Rs 10,002 crore; RoSL (Rebate of State Levies) Rs 330 crore; RoDTEP (Remission of Duties and Taxes on Exported Products) Rs 2,568 crore and other schemes pertaining to Rs 4,831 crore.
The ministry also said that the online IT portal will be enabled shortly to accept MEIS and other script-based applications and would be integrated with a robust mechanism to monitor provisioning and disbursement of the export incentives.