COSIA wants DEPB scheme to be extended for 3 more years

THANE: The Chamber of Small Industries Association ( COSIA) has requested the Centre to extend the the Duty Entitled Pass Book ( DEPB), a tax refund scheme for exporters, for another three years.

In a press release issued here, President of the city-headquartered COSIA M R Khambete said the renewal of the DEPB is absolutely essential to meet the export target.

The Government has set an export target of USD 500 billion in the next three years. Continuation of the scheme, at least for the next three years, will help achieve the ambitious target, he added.

The demand has been forwarded to the Centre, he informed. The scheme, under which exporters get refund of duties on import content of their export products, ends this month and the government has indicated that it might be withdrawn.

Among other incentives, DEPB scheme is most beneficial to boost exports, Khambete said.

"The proposed withdrawal is a matter of concern for exporters, particularly those in the Micro, Small and Medium Enterprises (MSMEs)," he said.