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FM Sitharaman's key announcements to boost realty and export sectors

Projects that are 60% complete will get last mile funding through special window, says FM

BS Web Team  |  New Delhi 

Nirmala Sitharaman
Nirmala Sitharaman | Photo: ANI (Twitter)

Finance Minister Nirmala Sitharamam on Saturday announced further relief measures for the economy on Saturday to boost the realty and export sectors.

She announced a new scheme -- Remission of Duties or Taxes on Export Product (RoDTEP) -- to incentivise exporters at an estimated cost of Rs 50,000 crore to the exchequer. She said RoDTEP will replace the existing incentive schemes and "will more than adequately incentivise exporters than the existing schemes put together".

Here are the key announcements:

On Exports

Existing Merchandise Exports from India Scheme (MEIS) for textiles will continue up to December 31

Remission of duties or taxes on export products to replace MEIS

Rs 50,000 cr revenue will be foregone with introduction of remission of duties or taxes on export products

Rs 36,000 cr to Rs 68,000 cr of credit will be available for exports after priority sector lending tag

India to hold annual mega shopping festivals like Dubai Shopping Festival to boost exports

On Housing

Projects that are 60% complete will get last mile funding through special window

Interest on housing building advance to be lowered

Special window to provide last mile funding for housing projects that are non-NPA and not under NCLT; govt to provide Rs 10,000 cr

On Tax

Fully automated electronic refund route for input tax credits in GST

Measures being taken to improve credit outflow from banks

Small tax payers with minor procedural default will not be prosecuted

First Published: Sat, September 14 2019. 15:42 IST