Relieving exporters, the government on Thursday said it has decided to offer tax refund scheme RODTEP facility on all products.
In March, the government approved tariffs and tax exemptions on export products (RODTEP) projects to reimburse exporters for taxes and duties. The initiative was aimed at accelerating the country’s exports to the slow-moving countries. In a major step to boost exports, the government has decided to extend the benefits of the Rodtep scheme to all export products from January 1, 2021, the finance ministry said in a statement.
According to the statement, the scheme will allow exporters to refund central, state and local taxes. Although exporters are not getting any discount or refund so far, it is hurting India’s exports. Deficiencies in taxes or duties will be credited to the exporters’ accounts and used to pay the main duty on imported goods. It may also be transferred to other importers. The Commerce Department will soon issue a notification on the RODTEP rate, the statement said. It will be based on the recommendations of a committee chaired by former Commerce and Home Secretary GK Pilli. The committee’s final report is expected soon.
In this regard, Sharad Kumar Saraf, President, FIEO, the apex body of Indian exporters, said that notification of RodteP rate was necessary as it would help exporters to fix the prices of their products. He said that incentives under the Export Scheme from India (MEIS) should be given to those products for which the rates have to be informed from time to time. In April-November of the current financial year, the country’s exports decreased by 1.7676 percent to দাঁড়িয়ে 1.336 billion.
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