 "With exporters grappling with tepid external demand and other disruption to trade, the Department of Commerce is pushing for an extension of two export-boosting schemes — Remission of Duties and Taxes on Exported Products (Rodtep) and Interest Equal")
The rate of tax refund under the scheme ranges from 0.5 per cent to 4.3 per cent of the value of the product.
The government on Monday extended benefits under the Rodtep scheme for exports made from domestic tariff area (DTA) units for one year till September 30, 2025.
The scheme for Remission of Duties and Taxes on Exported Products (Rodtep) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the centre, state, or local level.
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It was launched in January 2021 and was there till September 30.
The Directorate General of Foreign Trade (DGFT) said in a notification that for Advance Authorisation (AA) holders, Export Oriented Units (EOUs) and Special Economic Zones (SEZs), the scheme is extended till December 31 this year.
“The Rodtep scheme is being extended for exports made from DTA units till September 30, 2025, and AA/EOU/SEZ units till December 31, 2024,” it said.
It added that the revised rates under the scheme are also notified for implementation with effect from October 10 this year, once the ICEGATE portal gets updated with new rates.
ICEGATE registration is a pre-requisite for filing of all customs-related documents such as bill of entry, and shipping bills online.
In FY23, the scheme supported USD 450 billion worth of exports at the cost of Rs 13,020 crore. While in 2021-22, the scheme aided USD 421 billion in exports and cost Rs 12,100 crore.
The rate of tax refund under the scheme ranges from 0.5 per cent to 4.3 per cent of the value of the product.
(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.)
First Published: Sep 30 2024 | 7:54 PM IST
