| Date: |
28-06-2011 |
| Subject: |
Refund Electricity Duty On Steel Exports: Assocham To Govt |
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New Delhi, Jun 27 (PTI) Industry body Assocham today asked the government to refund electricity duty on steel exports to boost shipment of the commodity.
India''s steel exports declined to 1.88 million tonnes in 2010-11 from 4.43 million tones in 2007-08 due to compressed demand in major economies like the US and EU.
"This reimbursement facility will reduce transaction cost for exporters and enable them to be competitive in overseas market," it said.
It said that refund of the duty will be WTO compliant scheme and will therefore not fall under any of the actionable subsidies, it said in a communication to the ministry
of commerce and industry.
"It is therefore essential to ensure that export momentum is not affected in the event of DEPB scheme being discontinued," it said adding all export oriented units and special economic zones are also exempted.
The popular tax incentive scheme for exporters - Duty Entitlement Pass Book (DEPB) - will expire on September 30.
Source : news.in.msn.com
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