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Finance Minister Nirmala Sitharaman unveils package to boost exports

Corporate tax rates slashed for domestic companies: FM Nirmala Sitharaman

The government today announced several measures to boost exports and bring reforms in the housing sector. Finance Minister Nirmala Sitharaman announced a new scheme – Remission of Duties or Taxes on Export Product, RoDTEP to incentivise exporters at an estimated cost of 50,000 crore rupees to the exchequer. Addressing media in New Delhi, the Minister said there will be a fully automated electronic refund route for input tax credits in GST.

This will be implemented by the month-end. The move, she added, is aimed at quick and automated refunds of Input Tax Credit, ITC. She said RoDTEP will replace the existing incentive schemes and will more than adequately incentivise exporters than the existing schemes put together. The Minister also announced revised Priority Sector Lending, PSL norms for exporters, which will release additional funding of 36,000 crore rupees to 68,000 crores to them.

She said PSL norms for export credit have been examined and enabling guidelines are under consideration of the RBI. The Minister said export finance will be actively monitored by an inter-ministerial working group in the Department of Commerce. The minister said Export Credit Guarantee Corp, EGC will expand the scope of export credit insurance scheme and the incentive will cost 1,700 crore rupees per annum.

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