DEPB Extended for three months - Trade not very happy
YESTERDAY, the Revenue Secretary announced that the DEPB Scheme which is to come to an end on June 30, is extended till September. While complimenting the Revenue Secretary for extension of the DEPB Scheme, the Federation of Indian export Organisations (FIEO) said that the Notification for the same may be issued immediately so that the uncertainty regarding extension is over. FIEO suggested that DEPB Scheme should continue till GST is introduced as it will not be possible to fix the drawback rates for all the products for which DEPB rates exist in the short span of three months. The federation wanted that in the long run, Government should definitely bring all products under All Industry Duty Drawback Scheme and should also involve industry bodies in fixation of the rates for accuracy of the data and transparency in fixation. The Revenue “loss” in DEPB is said to be about Rs. 8500 Crores.