India slashes tax incentives to exporters
Friday September 16, 2011 05:49:30 PM,
IANS
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New Delhi: Tax
incentives to exporters will be lowered from Oct 1 as the
government said Friday it will replace the popular tax refund
scheme, Duty Entitlement Pass Book (DEPB), with a new drawback
scheme from the beginning of next month.
After unveiling a transitory scheme for the 14-year old DEPB
scheme, Finance Secretary R.S. Gujral said tax refunds on exports
of 1,100 items will be reduced by 1 to 3 percent.
"An endeavour has been made to soften the reduction and transition
from the DEPB to duty drawback scheme," Gujral told reporters.
Exporters of engineering, chemical, pharmaceuticals, marine and
textile products are the major be beneficiaries of DEPB scheme.
Tax refunds under DEPB scheme resulted in the revenue loss of
Rs.8,700 crore to the government exchequer last fiscal.
Chairman of Central Board of Excise and Customs S.D. Majumdar said
revenue loss would be reduced significantly due to the replacement
of the DEPB scheme.
The reduction in tax incentives might affect the growth of
exports.
India's exports jumped 54.2 percent at $134.5 billion in
April-August period, led by a sharp increase in exports of
engineering goods.
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The 27th of
Ramadan (August 26, 2011 this year), "Laylet al-Qadr" (Night
of Power), is one of the holiest nights of the Islamic
calendar, the night when the Quran began to be revealed to the
Prophet Muhammad (Peace be upon him). Millions from around the
world visit the Grand Mosque in Makkah from all over the world
and pray over the night. |
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