Centre Notifies RoDTEP scheme guidelines, rates to boost exports, competitiveness - marine, agriculture, leather, automobile, electronics, machinery sectors to benefit
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
Centre today notified RoDTEP Scheme Guidelines and Rates (Remission of Duties and Taxes on Exported Products). The scheme for zero rating of exports will boost Indian exports and competitiveness in the global markets, a government release said. The rates of RoDTEP will cover 8555 tariff lines. Source: Twitter
Aatmanirbhar Bharat
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, government release said. Source: Reuters
SCHEMES’s BENEFITS
Duties/ taxes/ levies, at the Central, State & local level, borne on the exported product, including prior stage cumulative indirect taxes on goods & services used in production of the exported product, and
- Such indirect Duties/ taxes/ levies in respect of distribution of exported products.
It may be noted that rebate under the Scheme shall not be available in respect of duties and taxes already exempted or remitted or credited. Source: Reuters
RoDTEP OBJECTIVE
RoDTEP is going to give a boost to Indian exports by providing a level playing field to domestic industry abroad. Source: Reuters
RoDTEP ELIGIBILITY
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. Source: Reuters
WHO WILL IMPLEMENT IT?
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 RoSCTL scheme of Ministry of Textiles.Source: Reuters
Employment Oriented Sectors like Marine, Agriculture, Leather, Gems & Jewellery etc. are covered under the Scheme. Other sectors like Automobile, Plastics, Electrical / Electronics, Machinery etc. also get support. The entire valve chain of textiles also gets covered through RoDTEP & RoSCTL. Source: Twitter