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MACHINIST - Government extends DEPB scheme by 3 months, alternative being worked out

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Home arrow News arrow Business News arrow Government extends DEPB scheme by 3 months, alternative being worked out

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Government extends DEPB scheme by 3 months, alternative being worked out
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Written by Ganesh   
Tuesday, 14 June 2011

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New Delhi: The government has extended the duty entitlement pass book (DEPB) scheme for exporters for three months, till September 30, as it is still working on an alternative plan.

The DEPB scheme, the popular tax refund scheme for exporters that came in force in June 1997, was due to end on June 30 2011. Finance secretary, Sunil Mitra said that duty drawback would take it's place after DEPB is phased out.

"We have appointed a committee which we think will take a couple of months to decide on all India drawback rates for items under DEPB," he said. Planning Commission member Saumitra Choudhury is heading an expert panel to work out the duty drawback rates for all export products.

Exports under the DEPB scheme currently account for a quarter of the total exports, of which engineering, textiles and chemical sectors constitute nearly 70 percent.

The CII has welcomed extension of DEPB scheme by 3 months and the government's intention of developing a replacement for the DEPB scheme.

"During its interactions with the Government, CII has strongly argued that higher cost of capital, lack of zero-rating for exports, high cost of containerized railway freight, high cost of power and the need for captive power make Indian exports less competitive when compared to other emerging countries. The DEPB is one such scheme which helps to reduce the impact of such higher transaction costs and therefore its extension is a move in the right direction," said Chandrajit Banerjee, Director General, CII.

The rates in the alternative duty drawback scheme are fixed annually based on the changes in the duty structure in the budget and are lower than DEPB.

The DEPB scheme was intended to neutralise the impact of basic and special customs duty on the import content of a product meant for export.

 
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