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Source: The post is based on the article “Government extends support under Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) till 30th June 2024” published in “PIB” on 27th September 2023.
What is the News?
Government of India has extended support under the Scheme for Remission of Duties and Taxes on Exported Products(RoDTEP) till 30 June 2024.
What is the Scheme for Remission of Duties and Taxes on Exported Products(RoDTEP)?
Launched by: Ministry of Commerce & Industry
Implemented since: 1st January 2021
Aim: To provide a mechanism for reimbursement of taxes, duties and levies, which are currently not being refunded under any other mechanism, at the central, state and local level, but which are incurred by the export entities in the process of manufacture and distribution of exported products.
Coverage: When the scheme was announced, it covered 8,731 items from most export sectors except for organic and inorganic chemicals, pharmaceuticals and iron & steel, which covered most engineering items.
– However, the government later decided to extend the scheme to the excluded sectors as well.
Tax refund rate: The tax refund rates under the scheme range from 0.5% to 4.3% depending on the sector and the product.
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