The government on Thursday said it is releasing Rs 56,027 crore against pending tax refunds of exporters under different export inventive schemes. The amount would be disbursed to more than 45,000 exporters, the commerce ministry said.
It said that Rs 56,027 crore is being released under various export promotion schemes. The amount will be disbursed this year only, Union Commerce Minister Piyush Goyal told reporters here.
This amount is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced. Benefits would help sectors to maintain cash flows and meet export demand in international market, he said.