: Govt working on tax mechanism for industry like RoDTEP: Piyush Goyal #FinanceIndia #StockMarketNEWS Govt working on tax mechanism for industry like RoDTEP: Piyush Goyal New Delhi, July 16 (KNN) Commerce

@StockMarketNEWS Sun 19 Jul, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Govt working on tax mechanism for industry like RoDTEP: Piyush Goyal #FinanceIndia #StockMarketNEWS
Govt working on tax mechanism for industry like RoDTEP: Piyush Goyal New Delhi, July 16 (KNN) Commerce and Industry Minister Piyush Goyal on Thursday said that the government is trying to get a mechanism for the taxes like Remission of Duties and Taxes on Exported Products (RoDTEP) for industry.

RoDTEP is a scheme for exporters to reimburse taxes and duties paid by them such as value added tax, coal cess, mandi tax, electricity duties and fuel used for transportation, which are not getting exempted or refunded under any other existing mechanism.

While speaking at a CII virtual event, Goyal said, the government is trying to get a mechanism for the taxes for which industry does not get credit such as electricity duty and mandi tax, which make Indian manufacturing look uncompetitive.

“Something like RoDTEP. We are taking it up at all levels and will find a solution,” he added.

Later, on being asked about the country’s emphasis on local content requirements, the Minister said, India is not crazy about the issue of local content in manufacturing but will take a practical and balanced view of doing it sensibly without compromising on quality and modern technology”.

“We are not crazy about it but we have to become self-sufficient. We can’t import entire equipment if only one component can’t be made here,” he added.

Asserting that all countries in the world are balancing their trade, the minister emphasised that India wants fair, balanced and transparent trade.

Stock Market News & Best Intraday tips & Stocks near support

Report