Foreign Trade by Country
Export Import Procedures
Credit Rating
Globalisation
Trade Glossary
International Trade Organisation
Customs
Logistics and Supply Chain Mgmt
eign Investment
International Finance
International Banking
International Taxation
International Accounting
Anti Dumping
Trade Agreements
Intellectual Property
International Sanctions
World Trade Organisation
Environment
International Standards
Category: International Trade Sub-category: Export Import Procedures
Document type: news
India has extended the "Duty Entitlement Pass Book (DEPB) scheme" till September 2011 which was initially scheduled to be phased out from 30th June 2011. The extension has been made due to pressure from the export community and strong backing by the Commerce Ministry.
Earlier, India had decided to phase out the DEPB and replace it with a modified "duty drawback scheme".
India has appointed a committee to determine the all-India drawback rates for items that are currently under DEPB scheme.
In the DEPB scheme, exporters get a reimbursement from the Centre for the taxes paid on the import content of their export products.
It is optioned that in the long-run the government should bring all products under the All Industry Duty Drawback Scheme and involves the industry bodies in fixation of the rates so as to get accuracy of the data and transparency in the exercise. Also it is suggested to continue the scheme till goods and services tax is introduced because it will not be possible to fix the drawback rates within 3 months for all the products listed under DEPB scheme.
External Links:
Duty Entitlement Pass Book Scheme in short DEPB is an export incentive scheme. Notified on 1/4/1997, the DEPB Scheme consisted of (a) Post-export DEPB and (b) Pre-export DEPB. The pre-export DEPB scheme was abolished with effective from. 1/4/2000. Under the post-export DEPB, which is issued after exports, the exporter is given a duty entitlement Pass Book Scheme at a pre-determined credit on the FOB value. The DEPB is a rate is allows import of any items except the items which are otherwise restricted for imports.
-
