Govt May Increase Tax Rebates Within GST for Exports Industry

Recently the commerce ministry has proposed that the industries offering most of the jobs in the market will be having tax rebates to increase the employment opportunities in the country.

Also, the ministry will be giving tax rebates on various products to boost the exports of the country. Some of the products like gems, jewellery and agriculture pharma will be the priority in tax rebates.

Also, there may IGST redemption in the silver and platinum exports to 3 per cent as this redemption is only for gold for the exporters currently.

The government is focusing on those major areas where there are more opportunities for employment. The taxes will be deducted and would be brought to 2.5 per cent.

Authorities will be analyzing the overall scenario of the pharma industry and bring a viable solution to extend its revenues and exports capabilities for them.

Read Also: GST Impact on Indian Pharmaceutical Industry

The government is focusing the domestic manufactured products and by selling those products there are chances that the gross domestic product of the country will get a significant increase.

Also, the authorities will be trying to give tax rebates on the dry fruits as well as spices. Therefore there is a target of additional revenues by increasing the agriculture exports by 2022, this will give the advantage to the country also.

There is also a suggestion on which the exports insurance may be increased from 60 per cent to 90 per cent for the extra assurance to the exporters. Overall, there will multiple benefits on the verge for the exporters to increase the profitability.