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Fiscal Incentives

All about Fiscal Incentives

Export Incentives – Part 2

” Fiscal Incentives “

In previous blog, we have discussed about Financial Incentives that are been provided by the banking sector to exports so as to promote export of products. International transactions are highly competitive and thus reducing material cost can relatively increase the number of exports.


Fiscal Incentives or Tax Concessions includes 4 types of policies: –

  • Income- Tax Exemptions: – Export Incentives in the form of Income tax concessions have been provided for exporters. Under Income Tax Act, 1961 Export profits are totally exempted from taxability. However for assessment purposes, total taxable profits as well as turnover are calculated on the basis of entire sales turnover including domestic as well as domestic sales. From so derived taxable profits only that portion of income tax is exempted which represents the ratio of export-sales to total sales turnover.
  • Central Excise Rebate: – Excise duty is levied on production of units. This could necessarily increase the cost of input. Therefore, under this scheme, the central excise duties on the inputs and final product are refunded to the exporter. This scheme also provides a Bond System under which outright exemption could be claimed by exporters. This scheme is been operated as per central Excise rules notified by central excise department.
  • Duty Drawback: – The scheme of duty drawback was formulated by drawback director under the central board of revenue and customs from the ministry of finance. Under this Scheme, import duty paid on products that are been paid on the products imported are been refunded in case such product are been imported for export. In other words in case a person imports certain input or product that are to be used or is a product that are again exported then import duty paid on such product shall be refunded back to the exporter. Refund of duty drawback is granted on post-export basis. The incentives for duty drawback reduce significantly the material cost of export products.
  • Exemption/Refund of Sales Tax: – Exporters are been granted exemption on payment of Central sales tax or Vat on the products purchased by them for exporting them. However, for granting such exemption, he has to gave a declaration in prescribed form to the seller from whom he is going to purchase the product.

Fiscal Incentives

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