ASSOCHAM calls for refund of electricity duty to stabilise steel exports

New Delhi : With steel exports falling from 4.43 million tonnes in 2007-08 to 1.88 million tonnes in 2010-11, apex industry body ASSOCHAM today urged the government to refund electricity duty on exported goods to offset losses as the duty entitlement passbook (DEPB) scheme is withdrawn from October.

This reimbursement facility will reduce transaction cost for exporters and enable them to be competitive in overseas market, said The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

The scheme can be implemented in the form of refund to exporters on submission of documentary proof of payment of electricity duty and the applications could be on monthly or quarterly basis as is being presently provided for refund of terminal excise duty under the Foreign Trade Policy.