Exporters’ body FIEO on Saturday suggested a host of steps such as bringing in a double tax deduction scheme and setting up of an export development fund to the Finance Ministry with a view to boosting outbound shipments.
The other recommendations include extending tax deduction on product development, providing deemed export status to Indian industry under the global bidding of procurement, ECGC coverage to banks for export finance, and a higher budget allocation to the Department of Commerce.
Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf suggested these steps during the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman.
He recommended introducing a “Double Tax Deduction Scheme” which could allow exporters to deduct against their taxable income.
“A ceiling of $5,00,000 may be put under the scheme so that the investment and tax deduction are limited,” he said in a statement.
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