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RoDTEP benefits subject to conditions of procedural requirements: FinMin

Availability of benefits under tax refund scheme RoDTEP for exporters would be subject to conditions

Finance Ministry

Press Trust of India  |  New Delhi 

Finance Ministry

Availability of benefits under tax refund scheme RoDTEP for exporters would be subject to conditions, restriction, ineligibility and fulfilment of procedural requirements as notified by the government, an official statement said on Friday.

The government on Thursday said it has decided to extend the benefit of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to all goods, with effect from Friday. The also said that the RoDTEP benefit would be available from January 1 even if the rates and other details are prescribed later, within the next few days.

"The benefit of RoDTEP would be available subject to the conditions, restriction, exclusions, ineligibility and fulfilment of the procedural requirements as notified," the ministry said in a statement on Friday.

It added that things which will be notified shortly include details of export goods (tariff lines) eligible for scheme; applicable RoDTEP rate, value caps (wherever applicable) on such eligible goods/tariff lines; excluded category of exports; other conditions and restrictions and the procedural details for grant of RoDTEP duty credit, and utilisation.

In March, the government approved the scheme for reimbursement of taxes and duties to exporters, with a view to give a boost the country's dwindling outbound shipments.

The scheme would refund to exporters the embedded central, state and local duties and taxes that were so far not being rebated or refunded and were, therefore, placing India's exports at a disadvantage.

A three-member committee was formed for determination of ceiling rates under a scheme for reimbursement of taxes and duties to exporters.

The country's exports declined 17.76 per cent to USD 173.66 billion during April-November this fiscal.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, January 01 2021. 21:30 IST