New Delhi [India], August 17 (ANI): For enhancing exports in the international market, the Centre has notified guidelines and rates for the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.
In a tweet, Union Minister of Commerce and Industry, Piyush Goyal wrote, "Government notifies RoDTEP Scheme Guidelines and Rates for boosting exports by creating a level playing field for exporters leading to greater competitiveness and increased employment generation. Will enable 'zero-rating' of exports for building an Aatmanirbhar Bharat."
The scheme for zero-rating of exports will boost our exports and competitiveness in the global markets. The rates of RoDTEP will cover 8555 tariff lines.
The ministry noted that Government is leaving no stone unturned to support domestic industry and make it more competitive in the international markets. Export centric industries are being reformed and introduced to better mechanisms so as to increase their competitiveness, boost exports, generate employment and contribute to the overall economy. This will go a long way in achieving our vision of building an Aatmanirbhar Bharat.
As per the official ministry release, RoDTEP is one such reform, based on the globally accepted principle that taxes and duties should not be exported, and taxes and levies borne on the exported products should be either exempted or remitted to exporters.
Scheme's objective is to refund, currently un-refunded: Duties/ taxes/ levies, at the Central, State and local level, borne on the exported product, including prior stage cumulative indirect taxes on goods and services used in the production of the exported product, and such indirect duties/ taxes/ levies in respect of the distribution of exported products.
Rebate under the Scheme shall not be available in respect of duties and taxes already exempted or remitted or credited. RoDTEP is going to give a boost to Indian exports by providing a level playing field to domestic industry abroad.
RoDTEP support will be available to eligible exporters at a notified rate as a percentage of Freight On Board (FOB) value. Rebate on certain export products will also be subject to value cap per unit of the exported product.
The Scheme is to be implemented by Customs through a simplified IT System. 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).
Identified export sectors and rates under RoDTEP cover 8555 tariff lines in addition to similar support being extended to apparel and made-ups exports under the Rebate of State and Central taxes and Levies (RoSCTL) scheme of the Ministry of Textiles.
Employment Oriented Sectors like Marine, Agriculture, Leather, Gems and Jewellery etc. are covered under the scheme. Other sectors like automobiles, plastics, electrical /electronics, machinery etc also get support. The entire valve chain of textiles also gets covered through RoDTEP and RoSCTL. (ANI)
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