Finance Minister Nirmala Sitharaman on Saturday announced new measures to boost exports, which include replacement of Merchandise Exports from India Scheme (MEIS) with Scheme for Remission of Duties or Taxes on Export Product (RoDTEP).
Addressing a press conference here, she also announced that fully electronic refund module for a quick and automated refund of input tax credits will be implemented by end of this month.
"Scheme for Remission of Duties or Taxes on Export Product (RoDTEP) will replace MEIS. Existing dispensation in textiles of MEIS and old RoSL (Rebate on State Levies) will continue up to December 31 this year," she said.
Sitharaman said that textiles and all other sectors, which currently enjoy incentives up to 2 per cent over MEIS will transit into RoDTEP from January 1, 2020.
"In effect, RoDTEP will more than adequately incentivise exporters than existing schemes put together," she said.
The revenue foregone on account of the measure projected to be about Rs 50,000 crore, she added.
The minister said there will be fully automated electronic refund route for input tax credits (ITC) in GST.
"Fully electronic refund module for a quick and automated refund of ITC is nearing completion and will be implemented by end of September 2019. This is expected to monitor and speed up ITC refunds," she said.
( With inputs from ANI )