Government has notified a new scheme to boost exports
With the aim of boosting exports and help exporters seek refund of all central and state duties levied on their products, the Centre on Tuesday notified the Remission of Duties and Taxes on Exported Products or RoDTEP scheme.
Informing about the scheme, Commerce Minister Piyush Goyal tweeted, “Government notifies RoDTEP scheme guidelines and rates for boosting exports by creating a level playing field for exporters leading to greater competitiveness and increased employment generation. Will enable ‘zero-rating’ of exports for building an Aatmanirbhar Bharat.”
Employment oriented sectors like marine, agriculture, leather, gems and jewellery are covered under the scheme, while other sectors like auto and electronics will also be supported by it, official sources said.
“The scheme for zero rating of exports will boost our exports & competitiveness in the global markets. The rates of RoDTEP will cover 8555 tariff lines,” a statement issued by the ministry said.
The main objective of the scheme is to refund whatever duty or tax is currently non-refundable, official sources said.
It will refund all duties, taxes and levies at the Central, state and local level, which have been borne on the products exported and also taxes levied on distribution of such products.
It may be noted that rebate under the scheme shall not be available in respect of duties and taxes already exempted or remitted or credited, the official statement said further.
“RoDTEP is going to give a boost to Indian exports by providing a level playing field to domestic industry abroad and will support all eligible exporters at a notified rate as a percentage of Freight On Board (FOB) value. Rebate on certain export products will also be subject to value cap per unit of the exported product,” it added.
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