The Indian government has decided to extend assistance provided through the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme until June 30, 2024.
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The government of India has granted an extension to the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme until June 30, 2024. The RoDTEP Scheme, initiated by the government as an export duty remission program, has been in effect since January 1, 2021.
The extension of the RoDTEP scheme will empower exporters to engage in more favorable negotiations for international export contracts, taking into account the current global conditions. The government has underscored that this scheme complies with WTO regulations. The Department of Revenue has reestablished the RoDTEP Committee to assess and propose ceiling rates for various export sectors under the RoDTEP Scheme.
The committee convened its inaugural meeting at Vanijya Bhawan in New Delhi, engaging with Export Promotion Councils (EPCs) and Chamber of Commerce representatives. The discussions encompassed the scheme’s methodology and other pertinent matters regarding its execution, as detailed in the statement.
This scheme offers a framework for the reimbursement of taxes, duties, and levies that exporters incur during the manufacturing and distribution of exported goods. These expenses are not refunded through any other existing mechanisms at the central, state, or local levels. As part of the scheme, a total support amounting to INR 27,018 crore has been provided for the 27-month period ending on March 31, 2023.
The RoDTEP scheme is budgeted, and for the fiscal year 2023-2024, there is a budget allocation of INR 15,070 crore to support 10,610 HS lines at the 8-digit level, according to the government.
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