The government has kept a total amount of Rs 12,454 crore for refund in the current financial year under RoDTEP. Under the RoDTEP scheme, various central and state duties are refunded to exporters to encourage exports.
The Central Government has issued a notification of rates and its guidelines under the Duty and Tax Exemption Scheme (RoDTEP Scheme) on export products. This scheme will boost exports. The government has announced rates for a total of 8,555 products including marine products, yarn, dairy products. A top official said that the government has kept a total amount of Rs 12,454 crore for refund in the current financial year under RoDTEP. Under the RoDTEP scheme, various central and state duties are refunded to exporters to encourage exports.
According to the notification issued by the Directorate General of Foreign Trade (DGFT) on Tuesday, the government has decided to extend the benefit of RoDTEP scheme on all products from January 1, 2021. The rates for different sectors are 0.5 per cent, 2.5 per cent and 4 per cent. Apart from this, the government has also issued notification of the guidelines of the
The Commerce Ministry said in a statement, “The Center has notified the RoDTEP guidelines and rates. These rates are for 8,555 products.
An amount of Rs 19,400 crore will be available
Commerce Secretary BVR Subramaniam said that a total amount of Rs 19,400 crore will be available in 2021-22 for both RODTP and State and Central Taxes and Duties Exemption (ROSCTL) schemes. Rs.12,454 crore for the scheme and the remaining Rs.6,946 crore will be available for RoSCTL.
Let us inform that the RoDTEP scheme has come into effect from January 1 this year, in such a situation, additional funds will be made available on a proportionate basis for the period from January to March.
Exports will get a boost, The
secretary told reporters here, “Today we have notified the rates. RoDTEP is a long lasting scheme. This is the flagship scheme of the Ministry of Commerce. This is a scheme in accordance with the rules of the World Trade Organization (WTO).” He said that 95 percent of the products and exports will come under both the schemes. He said that three sectors steel, chemicals and pharmaceuticals will not get the benefit of this scheme as these sectors have performed well without incentives. The rate of tax refund will be 0.5 percent to 4.3 percent for different sectors.
What is RoDTEP Scheme
Under the RoDTEP scheme, many central and state fees are refunded to promote exports. Almost two years after the announcement of this ambitious scheme, the government has given the refund rates today. The government has made a provision of Rs 12400 crore for this.
