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Tuesday, September 28, 2021

Boost for 45K exporters: Govt set to clear Rs 56,027 crore dues this fiscal

Commerce Minister Piyush Goyal said the scheme would benefit 45,000 exporters, adding the move would help MSME exporters meet their liquidity requirements.

By: ENS Economic Bureau | New Delhi |
September 10, 2021 1:40:47 am
Commerce Minister Piyush Goyal

In a major boost to exporters, the government announced on Thursday that it would clear dues of Rs 56,027 crore to exporters under various government schemes in the current fiscal. Commerce Minister Piyush Goyal said the scheme would benefit 45,000 exporters, adding the move would help MSME exporters meet their liquidity requirements. It would also help the country achieve the total merchandise export target of $400 billion for FY22, he added.

Exporters with claims under the erstwhile Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) as well as those with claims under the currently applicable Rebate of State and Central Taxes and Levies (RoSCTL) for textiles and the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme will benefit.

Goyal said the government had taken the decision to “immediately release all the pending overdues of various schemes of the government, under the erstwhile MEIS for exporters, under RoSCTL for the textile industry, RoDTEP dues, for the first quarter January to March, 2021 and overall … to budget Rs 56,000 crore in the current year itself to disperse all pending incentive dues.” Experts said lack of available funds with the exchequer was the reason behind delays in payments to exporters under various schemes with the government.

Goyal added the dues set to be paid include MEIS claims of about Rs 33,000 crore, SEIS of about 10,000 crore and RoSCTL and ROSL claims of about Rs 5,500 crore.

“In effect, exporters will be cleared all their old due plus another Rs 19,500 crore (under RoDTEP and RoSCTL) for the current year,” said Goyal, noting that a total of about Rs 75,000 crore would become available to exporters. “At this time when export cycles are elongated, exporters have to wait longer to get payments and liquidity is a key issue. This will definitely help ease liquidity issues for exporters, particularly for MSMEs,” said Ajay Sahai, director general of the Federation of Indian Export Organisations.

The Minister said exporters would have to file claims relating to earlier years by December 31. The government will shortly enable an IT portal to accept applications and Department of Revenue will monitor the disbursement.

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