Page 23 - Plastics News April 2021

FeAtures

Plastics’ Sector Witness Rise In Exports

The growth in exports in the first two months of 2021 are a reflection of the entrepreneurial spirit

he Plastics Export Promotion Council (PLEXCONCIL), Taxes and Customs, Ministry of Finance. The Board issued
Tthe apex trade body of plastics exporters, has stated clarifications to ensure uniformity in the implementation
that plastics’ exports have grown in January 2021 (up of the provisions of law across the field on refund related
12.2 per cent vis-à-vis January 2020) and February 2021 issues wrt exporters. The clarification points out that there
(up 3.2 per cent vis-à-vis February 2020 on a provisional is no restriction on recipient of deemed export supplies
basis) – the second successive month of growth in plastics’ in availing Input Tax Credit (ITC) of the tax paid on such
exports in the new year. supplies when the recipient files for refund claim. It
clarified on extension of relaxation for filing refund claim
In January 2021, nine of the product panels, namely,
Composites / FRP products; Floor Coverings, leathercloth in cases where zero-rated supplies have been wrongly
& laminates; Human hair; Pipes & fittings; Polyester declared in Table 3.1(a).
films; Plastics raw materials; Rigid packaging & PET The recent announcement by Indian Railways to provide
preforms; Woven sacks / FIBCs and Miscellaneous complete logistical support also comes as a great relief to
the industry. Logistics form an integral part of export costs
to plastics processors – increased number of containers,
efficient supply-chain and lower costs therein will boost
global competitiveness of plastics’ exporters. Indian
Railways announced that it is further boosting Hon’ble
Prime Minister’s Vocal For Local initiative & also increasing
its contribution in exports by providing safe, swift &
economical logistic solutions.\
The CIM’s Digital India initiatives are also helping
exporters. The Telegram channel of Piyush Goyal, Union
Minister of Commerce & Industry, Railways, Consumer
Affairs, Food & Public Distribution (and channel on Koo:
The Voices of India), has helped Indian exporters to stay
updated with all the latest ministerial developments &
products witnessed a positive growth. With the Union progress of various Government policies.
Minister of Commerce & Industry (CIM) doing continuous
engagements with the plastics industry, which mostly Arvind Goenka, Chairman, PLEXCONCIL said, “The growth
comprise of MSMEs, the industry is witnessing stabilization in plastics’ exports in the first two months of 2021 are a
in raw materials prices (particularly PVC Resin) in March reflection of the entrepreneurial spirit, resilience and
2021. The plastics industry welcomed the Union Minister determination of Indian exporters, who are facing many
of Commerce & Industry’s initiative to coordinate challenges. PLEXCONCIL has been seeking a level playing
with different Ministries and Government bodies after field, enhanced infrastructure, financial assistance for
PLEXCONCIL sought his intervention to ensure adequate MSME, stable raw material prices, tax reforms and review
raw material supply to the processors from petrochemical of Inverted Duty Structure under GST amongst others.
majors (including PSUs) at a fair price. PLEXCONCIL also The Government of India’s recent actions have come
welcomed the clarifications issued by the GST Policy as a relief to Indian plastics’ exporters and the export
Wing on refund related issues for exporters vide Circular performance speaks for itself. The inclusion of plastics in
No. 147/03//2021-GST (dated 12th March 2021) issued the Government’s proposed PLI scheme will give a boost
by Department of Revenue, Central Board of Indirect to Make in India for the world and also help in achieving

23 April 2021 Plastics News