NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday announced a new scheme – duty or tax exemption on export products (RoadTEP) – to encourage exporters in the state exchequer to spend around Tk 1.5 crore.
India’s merchandise exports fell 6.6 percent to $ 2.5 billion in August compared to the same month a year ago.
The Minister also said that there will be a fully automated electronic return route for Input Tax Credit (ITC) in GST. It will be implemented by the end of the month.
He added that the move is aimed at a quick and automatic refund of ITC.
“The RDTEP will replace existing incentive projects and will encourage exporters more than the existing schemes,” he said.
