RoDTEP scheme extension till June 30 next year to help exporting community negotiate better contracts
The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), which was notified till September 30, 2023, is now being extended till June 30, 2024 at the same rates to the existing export items. This will help India’s exporting community to negotiate export contracts in the present international environment on better terms. The Scheme is WTO-compatible and is being implemented in an end-to-end IT environment, highlighted a communique.
In another development, in line with the Scheme framework, the RoDTEP Committee has again been constituted in the Department of Revenue to review and recommend the ceiling rates under the RoDTEP Scheme for different export sectors. The Committee, on Tuesday, held its first interaction at Vanijya Bhawan in New Delhi with the Export Promotion Councils (EPCs)/Chambers of Commerce and discussed the methodology and other issues relating to the Scheme and its implementation. The EPCs in their observations emphasised the need for enhancing the RoDTEP budget allocation and for higher rates to be made available to all export items to help them secure greater market access abroad.
The RoDTEP Scheme was introduced by the government as a duty remission scheme on exports and is being implemented from January 1, 2021. It provides a mechanism for reimbursement of taxes, duties and levies that are currently not being refunded under any other mechanism, at the central, state and local levels, but which are incurred by the export entities in the process of manufacture and distribution of exported products. Under the Scheme, support of Rs 27,018 crore had been extended for the 27-month period till 31.03.2023. The RoDTEP Scheme operates under a budgetary framework and, for FY 23-24, a budget of Rs 15,070 crore was made available to support 10,610 HS lines at the 8-digit level, the release added.
Source: Exim News Service: New Delhi, Sept. 28