Strides Arcolab says "no impact" if DEPB scheme withdrawn
Strides Arcolab Monday clarified that the company would not be impacted it the government of India withdraws Duty Entitlement Pass Book (DEPB) scheme from June 30 as all its exports are from 100% Export Oriented Unit (EOU).
Moneycontrol Bureau
Strides Arcolab Monday clarified that the company would not be impacted if the government of India withdraws Duty Entitlement Pass Book (DEPB) scheme from June 30 as all its exports are from 100% Export Oriented Unit (EOU).The finance ministry after noting a record 36.7% rise in exports in 2010-11, is of the view that there is no need to give an extension to the DEPB scheme as the government was losing an estimated revenues of over Rs 8,000 crore from the DEPB scheme. This scheme was first announce in 1977.Under the DEPB scheme, exporters receive duty-free scrips, or entitlements, based on the value of goods exported that can be used to pay import duties. The government sets the rate at which the incentive is to be provided for different goods exported. While under the EOU schemes, companies enjoy tax exemptions on profits under Section 10A and Section 10B of the Income Tax Act.At 10:55 hrs, shares of Strides Arcolab were trading at Rs 373.50, down 0.27% on the Bombay Stock Exchange. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
