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Jaitley May Announce Steps To Boost Exports: Trade Body.


Date: 29-02-2016
Subject: Jaitley May Announce Steps To Boost Exports: Trade Body
New Delhi: Finance Minister Arun Jaitley may announce in the Budget on Monday certain steps like extending the benefit of interest subsidy scheme to more sectors to boost exports, which have been in the negative zone since December 2014.

It may also look into the demands of SEZ (Special Economic Zone) players who have sought reduction or even remove the minimum alternative tax (MAT).

The Federation of Indian Export Organisations (FIEO), which is the apex exporters' body, said it expects several steps in the budget for boosting exports.

"I expect that the Finance Minister would extend the 3 per cent interest subsidy scheme benefit to merchant exporters and steps to reduce transactions cost which is also impacting exports," FIEO director general Ajay Sahai told PTI.

Exports dipped for the 14th month in a row, down 13.6 per cent, in January to $21 billion due to fall in shipments of petroleum and engineering goods, although trade deficit showed improvement.

The Commerce Ministry has strongly pitched for removal of MAT (18.5 per cent) on SEZs as it has impacted the growth of these zones.

During the April-September period of this fiscal year, exports from these zones stood at Rs. 2.21 lakh crore as against Rs. 4.63 lakh crore in 2014-15.

Besides, it has suggested that the sunset clause should not be invoked for SEZs as it would have adverse bearing on exports from these zones.

The Central Board of Direct Taxes (CBDT) had last year proposed removal of facilities and incentives to SEZs by March 31, 2017. These zones contribute about 25 per cent in the country's total exports.

Source : profit.ndtv.com

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