Financial Daily from THE HINDU group of publications
Saturday, Apr 13, 2002
Financial Daily from THE HINDU group of publications Saturday, Apr 13, 2002 |
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Industry & Economy
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Exim Policy `Existing schemes must be pruned' Our Bureau
NEW DELHI, April 12 THE Director-General of Foreign Trade (DGFT), Mr N.L. Lakhanpal, on Friday reiterated that the exporting community may well have to do with a lesser number of duty neutralisation instruments in the coming years, especially after the country moves into a single rate of national VAT regime. "We are not still sure as to when we will have a single rate national VAT in our country. All that I am saying is that we cannot continue to have a plethora of schemes to provide rebating of indirect taxes in a single rate VAT regime. The existing schemes have to be pruned and simplified," Mr Lakhanpal said at an exporters' meet on the new Exim policy organised by the Federation of Indian Export Organisations (FIEO). He said that the DGFT was awaiting the decision of the Revenue Department on the issue of applicability of the new EPCG benefits on a retrospective basis. "The Government has not taken a decision on this matter. All the new EPCG benefits announced in the Exim Policy are only prospective," a senior DGFT official said. As per the new Exim Policy, EPCG licences of Rs 100 crore or more will have 12 years export obligation period with 5 years moratorium.
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