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Company Registration India » Company News
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Deemed Export benefits may be scrapped next yr.
Now finance ministry is planning to slim down or scrap the incentives to the industry, especially that are prone to be misused. Deemed export benefits given to exporters with budgetary support from the finance ministry is by the commerce ministry is being included in the schemes that may get economized. Exporters who make fake claims to demand excess refund of taxes paid in India are considered to misused the deemed benefits or duty draw back and refund of terminal excise duty. The government provides funds to the commerce ministry as a budgetary allocation for this scheme. Central Board of Excise and Customs which is also known as CBEC generally does not consider exporters but this scheme compensates exporters on claims. Exporters are required to submit lots of document as a support.
The ministry will either tighten the scheme or will scrap it depends upon the degree of abuse and relevance of scheme. Deemed export benefit is an expense provided throught the budget therefore in next two months it will be part of a review by the expenditure department. Other then that revenue secretary will review the other export benefits, by the year end, that is administered by the revenue department. "This year, the review of all expenditure schemes will be more rigorous considering the pressure on government finances", said the official. To improve the efficiency and reduce the duplication all other ministries are asked to assess the continued relevance of all the expenditure schemes before making demands for funds for the next fiscal. Not only this but all schemes that can be eliminated, reduced or merged with other schemes should be reviewed by all other government wings.
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