GoI notifies export incentive scheme guidelines; aims to boost exports
The Indian government on Tuesday notified the rates for export incentive scheme RoDTEP and its rules with an aim to boost exports.
The government on Tuesday notified the rates for export incentive scheme Remission of Duties and Taxes on Exported Products (RoDTEP) and its rules with an aim to boost exports.
The government has decided to extend the benefit of RoDTEP scheme to all goods, with effect from January 1, 2021, according to a notification by the Directorate General of Foreign Trade (DGFT).
The rates for different sectors include 0.5 percent, 2.5 percent, and 4 percent. It has also notified guidelines for the scheme.
"The Centre has today notified the RoDTEP guidelines and rates. The rates will cover 8,555 tariff lines (products)," the Commerce Ministry said in a statement.
The scheme will be implemented by Customs through a simplified IT System, and the rebate will be issued in the form of a transferable duty credit/electronic scrip (e-scrip), which will be maintained in an electronic ledger by the Central Board of Indirect Taxes & Customs (CBIC).
Sectors that will get support under this scheme include marine, agriculture, leather, gems and jewellery, and more.
Under the RoDTEP, various central and state duties, taxes, levies imposed on input products among others are refunded to exporters to boost exports and enhance Indian industries' position in the global markets.
(With additional inputs from PIB)
Edited by Kanishk Singh