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MUMBAI: Aluminium Association of India(AAI) has actually approached the ministry of financing and the ministry of commerce and Market to carry out remission of responsibilities or taxes on export items (RoDTEP) plan, a relocation aimed to compete and substitute Chinese aluminium exports to significant economies on the planet.
” These tasks and taxes must not be exported as such and should be remitted back to the domestic manufacturers to motivate domestic value addition and export of finished products,” stated AAI in a letter dated 24 th June.
The body has requested the ministries to ensure remission of unrebated central & state responsibilities & taxes which makes up around 15%of aluminium production cost, and to enhance benefit under merchandise exports from India scheme( MEIS) from existing 2%to 5%for all aluminium items till RoDTEP is implemented.
The cabinet authorized RoDTEP scheme on 13 th March,2020 Under the scheme an inter-ministerial committee will be established to figure out the rates and products for which the compensation of taxes and tasks would be offered.
The series of introduction of the plan across sectors, prioritization of the sectors to be covered, degree of advantage to be provided on various items within the rates set by the committee will be chosen and alerted by the Department of Commerce(DoC).
Data from the report by AAI reveals that aluminium exports have contributed $ 5.7 billion to India’s Forex (Click Here For Best Forex Techniques) earning in FY-19, i.e. 1.7%of overall Indian exports ($330 billion).
” To improve exports and double Forex (Click Here For Best Forex Techniques) revenues to the tune of around $10 billion it is necessary to support the industry with sufficient remission of unrebated duties and taxes under the RoDTEP Plan as a top priority Sector,” the aluminium body said in a letter.
As per AAI’s letter, the large aluminium producing nations like China, by way of various rewards and aids for basic materials, tax advantages, export tax incentives have much better cost competitiveness.
” On the other hand, the Indian Aluminium market is having problem with the occurrence of big problem of unrebated main & state taxes and responsibilities, constituting around 15%of Aluminium production cost,” the letter stated.
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