New Delhi, Nov 29 (IECurrentAffairs) Commerce and Industry Minister Piyush Goyal on Friday informed Rajya Sabha that the government would soon bring the tax refund scheme for exporters before the Cabinet and would notify it.
The minister, while replying to supplementary during the Question Hour, said the government is also engaged in codifying various laws relating to labour into a far more crisper, well defined, easy to navigate and understand set of labour codes and the same would also come up before Parliament soon for approval.
The government has already announced the Remission of Duties or Taxes on Export Product (RoDTEP) scheme.
“The scheme RoDTEP was announced by the finance minister for refund of various taxes to exporters. These will be refunded through the RoDTEP scheme. We will shortly be going to the Union Cabinet and notify this,” he told the House.
He assured the House that the government is responding to various concerns of the manufacturing sector.
The Commerce Minister said that it was probably one of the fastest tax cuts, especially to encourage new manufacturing industries after India has significantly reduced its corporate tax and that a new manufacturing unit would only have to pay a corporate tax of 15pc.
“The new labor codes also offer the possibility of hiring contract workers,” he said.