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Aluminium Association of India seeks Remission of Duties or Taxes on Export Products

Metal News - Published on Sat, 27 Jun 2020

Image Source: Aluminium Export
India's aluminium industry has made a strong case for implementation of Remission of Duties or Taxes on Export Products for the sector to make India's aluminium exports competitive and create a level playing field for Indian exporters vis-a-vis global players in international markets. In a letter to the Commerce and Finance Ministers, the Aluminium Association of India has said that absence of any rebate on local duties has added up 15 per cent on the cost of Indian producers which makes the metal uncompetitive compared to major aluminium producing countries, specially China. It said "With adequate government support, Indian aluminium exports have the potential to compete and substitute Chinese aluminium exports to major economies in the world. Duties and taxes should not be exported as such and should be remitted back to the domestic producers to encourage domestic value addition and export of finished products.”

RoDTEP Scheme is a step towards boosting exports and employment generation in various sectors in the country. There is a provision of INR 50,000 crore in the budget for the scheme which will replace the existing MEIS. Though the scheme was announced by the Finance Minister on September 14, 2019 and was approved by the Union Cabinet on March 13 this year, its implementation has not moved much since then. In this regard, the aluminium industry has submitted all required audited data to Ministry of Finance & DGFT to determine the remission rates for various sectors.

Aluminium Association of India has also urged to enhance Merchandise Exports from India Scheme benefit urgently from current 2 per cent to 5 per cent for all aluminium products under Chapter-76, till RoDTEP Scheme is implemented.

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Posted By : Yogender Pancholi on Sat, 27 Jun 2020
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