<p>Finance Secretary Sunil Mitra said an official committee will decide as to what extent exporters can be compensated as they shift from DEPB to new duty drawback scheme.<br /><br />Under DEPB scheme, the government spends annually about Rs 8,500 crore re-imbursing exporters on the taxes paid on import equivalent content of export products. The government will save about Rs 4,000 crore after the scheme comes to an end. As the scheme was set to close on June 30, exporters were lobbying with both finance and commerce ministries for its extension.</p>
<p>Finance Secretary Sunil Mitra said an official committee will decide as to what extent exporters can be compensated as they shift from DEPB to new duty drawback scheme.<br /><br />Under DEPB scheme, the government spends annually about Rs 8,500 crore re-imbursing exporters on the taxes paid on import equivalent content of export products. The government will save about Rs 4,000 crore after the scheme comes to an end. As the scheme was set to close on June 30, exporters were lobbying with both finance and commerce ministries for its extension.</p>