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Government extends benefit of RoDTEP scheme to all export goods to boost export from today
Government extends benefit of RoDTEP scheme to all export goods to boost export from today
Government has decided to extend the benefit of the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods with effect from today, January 1, 2021, to boost export.
Government has decided to extend the benefit of the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods with effect from today, January 1, 2021, to boost export. The scheme will refund to exporters the embedded Central, State and local taxes that were so far not being given rebate or refunded.
The refund will be credited in the exporter's ledger account with Customs and used to pay Basic Customs duty on imported goods. The credits can also be transferred to other importers.
The RoDTEP rates will be notified shortly by the Department of Commerce, based on the recommendation of a committee chaired by former Commerce and Home Secretary Dr. G.K. Pillai. The final report of the Committee is expected shortly.
An exporter desirous of availing the benefit of the RoDTEP scheme will have to declare his intention for each export item in the shipping bill or bill of export. The notified rates, irrespective of the date of notification, shall apply with effect from January 1, 2021, to all eligible exports of goods.
The scheme was announced last year as a replacement for the Merchandise Export from India Scheme (MEIS), which was not found not to be compliant with the rules of the World Trade Organisation. Following a complaint by the US, a dispute settlement panel had ruled against India's use of MEIS as it had found the duty credit scrips awarded under the scheme to be inconsistent with WTO norms.
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