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RoDTEP rates for export promotion scheme expected to be notified soon
Industry News- Jun 11,21
The remission rates and guidelines for export items under the new Remission of Duties and Taxes on Exported Products (RoDTEP) scheme are expected to be announced in ten days.
The remission rates and guidelines for export items under the new Remission of Duties and Taxes on Exported Products (RoDTEP) scheme are expected to be announced within next ten days. The RoDTEP scheme replaced the Merchandise Exports from India Scheme (MEIS) to improve the global competitiveness of Indian exports. Exporters are eagerly awaiting the details of the rates.
RoDTEP was implemented on January 01, 2021. The Ministry of Finance was expected to share the details about the export goods (tariff lines) eligible for the scheme, the applicable RoDTEP rate, value caps on such eligible goods/tariff lines, the excluded category of exports, other conditions and restrictions and procedural details for grant of RoDTEP duty credit and utilisation. Exporters, mainly MSMEs, have been urging the government for immediate notification of the RoDTEP while considering rates and overall guidelines when executing new orders.
RoDTEP replaced the Merchandise Exports from India Scheme (MEIS) to improve the global competitiveness of Indian exports. It was approved last year for reimbursement of taxes, duties and levies at all levels. Earlier, the amount was not refunded but incurred in the process of manufacture and distribution of exported products.
Source – Financial Express
Remission of Duties and Taxes on Exported Products
RoDTEP
MSME
Ministry of Finance
Exporters
Merchandise Exports from India Scheme
MEIS
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