* Scheme for remission of duties of taxes on export products will replace Merchandise Exports from India Scheme (MEIS) scheme, said FM
* The new scheme which will benefit all products including textiles is more beneficial to the industry, the minister said at a briefing
Finance minister Nirmala Sitharaman on Saturday announced a slew of measures including a new attractive scheme to refund the duties and taxes on exports that will replace all existing schemes in a bid to stimulate exports and the economy.
The new scheme which will benefit all products including textiles is more beneficial to the industry, the minister said at a briefing.
“This will incentivise all exporters more than all the existing schemes put together. The revenue forgone is projected at upto Rs.50,000 crores," said the minister. Sitharaman also announced a fully automated electronic refund system for giving Goods and Services Tax (GST) credits to businesses on the taxes paid on raw materials.
Sitharaman said that the existing schemes for refund of duties and taxes to exporters will continue till the end of this year. From 1 January, only the new system will be available.
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