Exporters across the country, waiting to receive their dues, may soon get some positive news as Commerce and Industry Minister Piyush Goyal calls for clearing dues of exporters.
The Minister also held a meeting recently with various Export Promotion Counclis (EPCs) where this issue was raised strongly.
It is worth mentioning here that the revenue department has been sitting on refunds for over a year besides not paying exporters under the new Remission of Duties and Taxes on Export Products (RoDTEP) scheme that was launched in January.
Even four months later, the Government is yet to notify the rates resulting in around Rs. 15,000 crore of duty refunds pending with the Union Government.
As per estimates, MEIS payments close to Rs. 50,000 crore are also due. Similarly, payment of dues under the Services Export from India Scheme is pending for FY20.
Piyush Goyal has called his team to seek an early payment of exporters’ dues from the finance ministry, while looking at ways to help businesses raise funds against these dues.
An option being explored by the commerce department is to accept applications from exporters for the now-defunct Merchandise Exports from India Scheme (MEIS) so that traders can avail of loans against the outstanding amount and get some liquidity.
Time and again various trade bodies have raised their concerns in this regard.
