The government would soon bring the tax refund scheme for exporters before the Union Cabinet and would notify it.
Reportedly, Commerce and Industry minister Piyush Goyal notified the Rajya Sabha on 29th November 2019 that the government will bring the tax refund scheme for exporters before the Union Cabinet. This move was announced during the question hour session of the parliament. In addition, the government is engaged in codifying various labour laws so that it becomes easy for exporters to navigate and understand the set of labour codes.
With this decision, the government aims to encourage entrepreneurs to expand their manufacturing operations in the current global trade situation where countries are engaged with each other in a trade war.
In addition to this notification, the government has announced the Remission of Duties orTaxeson Export Product (RoDTEP) scheme.
"The scheme RoDTEP was announced by the finance minister for refund of various taxes to exporters. These will be refunded through the RoDTEP scheme. We will shortly be going to the Union Cabinet and notify this. With growing tensions between countries, the government of India is looking at opportunities for our manufacturers and is seized of this to allow our entrepreneurs to expand their operations and get more and more manufacturing attracted to India," said Piyush Goyal.
The minister also stated that India cannot afford to be left behind in the race for technology and therefore, the government has been focusing very heavily on skill development to ensure modern manufacturing technology with 3D manufacturing, artificial intelligence, and better data analytics.