India’s ferroalloy exporters are still unaware of the benefits of india's new export tax rebate policy, which came into effect on January 1st, because the government has failed to fix new export tax rebates.
According to the new export product tariff reduction policy, the Delhi government has not yet announced the product tax rate including ferroalloy, which replaced the Indian commodity export plan from 2021(MEIS). This means that Indian exporters can not calculate the potential benefits of the new policy. According to the previous MEIS policy, ferroalloy exporters receive a 2% tax rebate at the export FOB price to pay duties and taxes.
But the government confirmed that the specific tax rate, once announced, will take effect from January 1st.
Exporters say they currently see a 0.5% rebate on the waybill for ferroalloy exports, but it adds that the rate is too low for industries that received a 2% rebate under earlier plans.
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