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Category: International Trade Sub-category: Export Import Procedures
Document type: news
The Government of India has reintroduced the Duty Entitlement Pass Book (DEPB) scheme for cotton exporters and cotton yarn exporters, which had been discontinued from 21st April 2010. Under this scheme, the exporter of cotton and cotton yarn can claim "input duty reimbursement". The Cotton yarn exporters will get the benefit from April 1, 2011 while cotton exporters can claim DEPB from October 1, 2010.
This step was taken by the government in order to encourage exports since the commodity was placed on the open general license for exports from 1st April 2011.
On 21st April 2010, the Directorate-General of Foreign Trade (DGFT) withdrew the tax incentive of 7.67% DEPB benefits on export of cotton yarn, after the Textile Ministry tightened the norms, virtually stopping the export of raw cotton because of the sharp increase in domestic prices.
In 2010, government of India imposed export tax which was, however, dismantled on October 1, 2010, according to Anand Sharma, commerce, industry, and textiles minister of India.
Source: Cotton Advisory Board
Source: Cotton Advisory Board
External Links:
Read more about DEPB (Duty Entitlement Pass Book) here.
Directorate General of Foreign Trade - Official website
Cotton Corporation of India - Official website
Ministry of Textiles - Official website
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