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ReturnIndia:DEPB replacement scheme may be outlined in September
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admin
PublishDate：
2005-08-08 13:57:00
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The Commerce Ministry is working out the finer points of a new scheme for reimbursement of unrebated incidence of taxes on inputs, it is learnt.
The new scheme, which will facilitate the scrapping of the duty entitlement pass book (DEPB) scheme, is expected to be in place by September as promised by the Union Commerce Minister in the Foreign Trade Policy (FTP) he had announced earlier this year.
Commerce Ministry officials indicated that discussions on what should be included in the scheme are still taking place and it would not be possible to have it in place before the announcement of next year’s FTP.
This being the case, the announcement of scrapping of the DEPB scheme and its replacement by the new reimbursement scheme may be made in the FTP only for the next fiscal.
The new scheme is expected to compensate exporters for taxes like octroi, Central sales tax, inter-state levies, electricity tax and petroleum tax.
The new scheme, which will facilitate the scrapping of the duty entitlement pass book (DEPB) scheme, is expected to be in place by September as promised by the Union Commerce Minister in the Foreign Trade Policy (FTP) he had announced earlier this year.
Commerce Ministry officials indicated that discussions on what should be included in the scheme are still taking place and it would not be possible to have it in place before the announcement of next year’s FTP.
This being the case, the announcement of scrapping of the DEPB scheme and its replacement by the new reimbursement scheme may be made in the FTP only for the next fiscal.
The new scheme is expected to compensate exporters for taxes like octroi, Central sales tax, inter-state levies, electricity tax and petroleum tax.
