The government announced a host of big-ticket measures on Saturday in an effort to boost the struggling economy.
New Delhi, Sep 14: The government announced a host of big-ticket measures on Saturday in an effort to boost the struggling economy.
Union Finance Minister Nirmala Sitharaman addressed the media to announce a slew of measures.
The minister made a big announcement for exports in an effort to boost the economy going through a recession-like phase.
Duty reduction has been announced to boost exports. The Finance Minister said the government wants to focus is on promoting exports.
The old ROSL will continue till December 2019. The scheme, called Exemption of Duties and Taxes on Export Products (RODTEP), is expected to cost the exchequer an estimated Rs 50,000 crore.
Nirmala stated that the MEIS will be replaced by the RoDTEP from January 1, 2020. The new RoDTEP is expected to produce a benefit of Rs 50 thousand crores.
"Under the Merchandise Exports from India Scheme (MEIS), the government has been providing benefits on a fee based on the product and the country. US dollar based lending has decreased. This difference has been made due to the fall in the rupee. A fully electronic refund system will be implemented for ITC refunds by September 2019," the finance minister said.
The government made this announcement at a time when the export of commercial goods from India came down by 6.05 percent in August from a year earlier. Exports of goods from the country stood at $ 26.13 billion in August.
Sitharaman also said that a fully automated electronic refund system will be adopted for input tax credit under Goods and Services Tax. It will be started by the end of this month.
Handicraft operators can now enroll themselves through the e-commerce portal.
"The quality of exports will improve. We are working on it. So that we can achieve the standard in a time-bound manner. Standard will be set in due time. The Ministry of Commerce will form a group for this. Some exposers have to bother with origins certificate. Origin management system will be run for this. This will give a boost to ease of doing business," Sitharaman said.
"Special FTA Agreement Mission will be run. Its job will be to talk to the Federation of Export Organizations and Associations separately and enter into agreements. Under this, exporters and importers will also be informed about tariff exemption," she added.
Apart from all this, annual mega shopping festivals will be held at four venues across the country. These events will start from March next year.
These events will feature the following sectors - jems and jewelery, yoga and tourism, textile and leather.
"The annual mega shopping festival will be organized at four places across the country. The event will start from March 2020," the finance minister said.
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