Implement duty reimbursement scheme for aluminium sector on priority: AAI
| Date :26-Jun-2020 |
Business Bureau :
THE aluminium industry has urged the Government to implement the scheme for reimbursement of taxes and duties for the sector “on priority” to entail cost-competitiveness for Indian exports. The Aluminium Association of India (AAI) has urged Commerce and Industry Minister Piyush Goyal to raise the issue with the Finance Ministry and the Directorate General of Foreign Trade to fast-track the duty remission scheme for the sector.
The association in a letter mentioned that both aluminium and steel sectors have been recognised as key sectors for implementation of the Remission of Duties or Taxes on Export Products (RoDTEP) Scheme to boost exports from these sectors. The Government approved the scheme in March. “We earnestly request your goodself to kindly take up the issue with Ministry of Finance and DGFT for expediting formulation and implementation of RoDTEP Scheme (Remission of Duties or Taxes on Export Products) on priority for aluminium industry to entail global cost-competitiveness for Indian aluminium exports,” the AAI said in the letter to the Commerce and Industry Minister.
The Aluminium Association of India said it welcomes the Government’s initiative for identifying aluminium amongst the “12 champion sectors”, where India can be a global leader and major supplier. The aluminium industry has submitted all required audited data to the Ministry of Finance and DGFT through Engineering Export Promotion Council which is designated as nodal agency for collecting, compiling and submitting all data.
“To entail global cost-competitiveness to Indian aluminium industry and realise its immense potential to enhance exports and double forex earnings to the tune of USD 10 billion (from current USD 5 billion) it is imperative to support the industry with adequate remission of unrebated duties and taxes under the RoDTEP Scheme as a priority sector,” it said.