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Center to release Rs 56 thousand crore as arrears for pending export promotions

The central government will release Rs 56 thousand crore as arrears for the pending export incentives.

The central government has decided to release Rs 56,027 crore as arrears for all pending export promotions in FY22. This amount includes claims related to schemes like MEIS, SEIS, ROSL, RoSCTL, which are related to earlier policies and RoDTEP for exports made in the fourth quarter of FY 2021 and exemption support for RoSCTL.Also Read – Finance Ministry released Rs 13,386 crore to 25 states as RLB grant, know who will benefit

The Ministry of Commerce and Industry said in a statement that more than 45,000 exporters will be benefited, out of which about 98 percent are small exporters in the MSME category. Also Read – GST: Government extends deadline for availing GST waiver scheme

“This amount is over and above the duty exemption amount of Rs 12,454 crore for the RoDTEP scheme and Rs 6,946 crore for the already announced RoSCTL scheme for exports made in this year (FY22),” it said. Also Read – Vivad Se Vishwas Yojana: CBDT Extends Payment Deadline Under ‘Vivad Se Vishwas’ Scheme

“India has witnessed strong growth in exports in recent months. This decision to do away with all pending export incentives within this financial year will lead to even faster export growth in the months to come.”

According to the ministry, export claims relating to earlier years will have to be filed by December 31, 2021, after which they will become time-barred.

“The online IT portal will soon be able to accept ‘MEIS and other scrip based applications’ and will be integrated with a robust mechanism set up by the Finance Ministry to monitor the provision and delivery of export incentives within the budgetary framework.”

(With IANS Inputs)

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