Industry seeks Rodtep-like scheme for service exports

The industry has urged the Centre to roll out a scheme to boost services export and incorporate it as a part of the new foreign trade policy that is expected to kick in from October. The scheme — Duty Remission of Export of Services Scheme or DRESS — will reimburse the un-refunded taxes and duties embedded in services exports, Maneck Davar, chairman, Services Export Promotion Council (SEPC) told Business Standard, adding that the scheme, if implemented, will increase competitiveness of services exporters in the country. The scheme will support services exports and focus on issues such as employment generation, look into the needs of specific sectors, support small businesses, and remove the burden of un-refunded taxes, levies on the lines of Remission of Duties and Taxes on Export Products (RODTEP) scheme for merchandise exports.