Centre Notifies Scheme To Boost Exports

Government has notified a brand new scheme to spice up exports

With the purpose of boosting exports and assist exporters search refund of all central and state duties levied on their merchandise, the Centre on Tuesday notified the Remission of Duties and Taxes on Exported Products or RoDTEP scheme.

Informing in regards to the scheme, Commerce Minister Piyush Goyal tweeted, "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.”

Employment oriented sectors like marine, agriculture, leather, gems and jewellery are covered under the scheme, while other sectors like auto and electronics will also be supported by it, official sources said.  

"The scheme for zero ranking of exports will increase our exports & competitiveness within the world markets. The charges of RoDTEP will cowl 8555 tariff traces," a statement issued by the ministry said.

The main objective of the scheme is to refund whatever duty or tax is currently non-refundable, official sources said.

It will refund all duties, taxes and levies at the Central, state and local level, which have been borne on the products exported and also taxes levied on distribution of such 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, the official statement said further.

"RoDTEP goes to toughen Indian exports by offering a stage taking part in subject to home trade overseas and can help all eligible exporters at a notified price as a proportion of Freight On Board (FOB) worth. Rebate on sure export merchandise may even be topic to worth cap per unit of the exported product," it added.