Sunday, May 26, 2024
HomeBusinessExclusion of pharma exports from RoDTEP scheme will hit competitiveness: Industry

Exclusion of pharma exports from RoDTEP scheme will hit competitiveness: Industry

Date:

Related stories

Dimple Malhan- Personal and Professional life!!

Famous Vlogger recognised for Dimple's Kitchen YouTube channel. She...

Send Flowers to Dubai from the Best Florists

With regards to communicating adoration, appreciation, and festivity, barely...

The Importance of Motorcycle Safety Gear

Riding a motorbike delivers a sense of freedom and...

Understanding The Aftermath Of A Motorcycle Accident

Motorcycle accidents in Las Vegas can change your life...

How to Choose an Outdoor Patio Furniture Supplier in Florence

Is your outdoor space ready for a makeover? Whether...

 

The RoSCTL scheme was announced for the export of garments and apparels.

Exclusion of pharma goods from the export promotion scheme RoDTEP will adversely impact the sector’s competitiveness, industry bodies said on Thursday.

The government on Tuesday announced rates of tax refunds under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for 8,555 products, such as marine goods, yarn and dairy items, to boost exports.

However, three sectors — steel, chemicals and pharmaceuticals — were excluded from getting the benefits of RoDTEP.

Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said, “The exclusion of pharma exports from the RoDTEP scheme will adversely impact the pharma sector’s competitiveness.”

The exclusion deprives pharmaceutical exporters of the level playing field vis-a-vis global pharmaceutical manufacturers. This is a highly regulated sector and calls for huge capital investment for setting up manufacturing infrastructure, he added.

“The industry presented the data to the RoDTEP committee for consideration,” Jain said.

For sustaining India’s export competitiveness, RoDTEP benefits should be extended to the pharmaceutical sector, given its importance in providing access to affordable medicines to patients in India and around the world, he added.

Indian Drug Manufacturers’ Association (IDMA) Executive Director Ashok Kumar Madan said consequent to the announcement of the RoDTEP scheme, the pharma industry had been waiting anxiously for the announcement of rates.

During these times of pandemic there has been an overall increase in prices of raw materials, packing materials and overseas freight rates.

“The redemption of the taxes paid could have helped us to sustain and further the exports,” he added.

See also  Bitcoin (BTC) climbs on ETF speculation

The exclusion will have a severe impact on exports from small and medium enterprises in the sector, Madan said.

Commerce Secretary B V R Subrahmanyam on Tuesday had said that Rs 19,400 crore would be available for 2021-22 for both the RoDTEP and the Rebate of State and Central Taxes and Levies (RoSCTL).

The RoSCTL scheme was announced for the export of garments and apparels.

For the RoDTEP scheme, the amount is Rs 12,454 crore and the remaining Rs 6,946 crore for RoSCTL.

The government had announced the RoDTEP scheme in March 2020. It was to come into effect from January 1 this year. The rates have been finally notified after seven-and-a-half months in August 2021.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories