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Indian Govt to notify RoDTEP rates for exports soon

Aug 16, 2021
Indian Govt to notify RoDTEP rates for exports soon

New Delhi

The tax refund rates under the Remission of Duties and Taxes on Exported Products (RoDTEP) may be notified soon, according to Commerce Secretary BVR Subrahmanyam.

The move will help exporters to confirm their contracts due to the tax reimbursement. The RoDTEP scheme may reimburse various embedded levies paid on inputs consumed in exports that are not currently refunded.  It replaces the MEIS (Merchandise Exports From India Scheme) from January 01, 2021, but the refund rates are not yet announced.

Subrahmanyam said that, a similar scheme for garment and made-up exporters, ROSCTL, would also be notified. The government would launch a new scheme in the coming months to transfer key districts into export hubs. Under this, districts will be incentivised to compete with one another in catalysing investments to the export sector. He also asked the entire business fraternity to invest their surpluses.

The government aims to increase merchandise exports to an amount of $ 1 trillion by FY28 ad services exports to $ 700 billion. To realise the target, a market intelligence network of 140 embassies and 60 consulates globally would be used. The concerned officers have been asked to identify export opportunities and report trade barriers in the country where they are stationed. A ‘Brand India’ campaign would be rolled out to raise awareness about Indian product qualities abroad.

Subrahmanyam stressed on the government’s commitment of not only supporting MSMEs but large firms also and said that the production linked incentive schemes represent a departure from the past.

Source: Financial Express

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