Due to the outbreak of COVID-19, many of the organizations and the exporters are facing challenges in continuing their work. The market is severely hit by the lockdown that has been initiated due to the COVID-19. Due to this, many businesses and organizations are unable to pay the duties imposed on them and suffer from a considerable loss. To give relief to the organization that exports domestic products to foreign countries, the Remission of Duties and Taxes on Exported Products is approved by our Prime Minister Shri Narendra Modi.
#Main objectives of the scheme:-
To Boost Export of products to the International Markets.
To make the Indian export cost-competitive create a space for Indian exporters in the International Markets.
Boosting employment in various sectors.
#What are the Benefits of the scheme?
This scheme is created to give relaxation on the taxes/levies/duties for the organization that manufactures and exports the products to the international market. The exports that come under the GST Registration have been exempted or refunded in this scheme. The scheme will boost the export of products from India to foreign countries and giving space to the Indian exporter by providing relaxation on the taxes to the exporters. This scheme will be digitized end to end, and the refund would be given in the form of transferable electronic scrip to the exporters, which will be maintained in an electronic ledger.
#What are the features of this scheme?
At this present situation, the GST taxes that were imposed on the manufactured exported products have been exempted or refunded. However, the levies/duties which do not comes under the GST are not compensated for exports. Most of the export-oriented Industries are also reformed to boost the trade and export Indian products to foreign countries. This initiative can affect our economy in the market, and even our nation can develop further.
Conclusion:-
The outbreak of the COVID-19 has affected the people in India and all over the world severely. But to stand in this situation, Our country India is trying to make changes in the taxation system to give relief to the exporters so that they get some relaxation. Due to that India will export the products to foreign countries.
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