ALTERNATIVE DEPB SCHEME SOON: MINISTER

The Commerce Ministry is working on an alternative Duty Entitlement Pass Book (DEPB) scheme. “It is in the final stage,” Union Minister for Commerce and Industry, Mr Kamal Nath, said but refused to elaborate.Responding to queries after inaugurating the 114th UPASI Annual Conference, he said the alteration was in view of the current scenario of exports taking a beating on account of the rupee appreciation.The UPASI President, Mr J.K. Thomas, had during his address sought a separate scheme for remission of these duties and taxes paid in order to compensate the losses incurred by the growers due to the rupee appreciating against the dollar.Mr Thomas, while pleading for a specific package for producers, contended that any incentives provided under the remission or duty drawback schemes were generally confined to merchant exporters and the benefits not passed on to the duty paying producers

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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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