export business
The government on Monday announced to extend the benefits provided under the RoDTEP scheme to exports made from units located in the Domestic Tariff Area (DTA) till September 30, 2025. The Remission of Duties and Taxes on Export Products Scheme (RoDTEP ) provides for the refund of taxes, duties and levies incurred by exporters in the process of manufacturing and distribution of goods and which are refunded by any other person at the central, state or local level. level. This scheme began in January 2021 and its validity ended on September 30, 2024. But now its duration has been extended.
The government gave information.
The scheme has been extended till December 31 this year for prior authorization holders, export-oriented units and special economic zones (SEZs), the Directorate General of Foreign Trade (DGFT) said in a notification. At the same time, this scheme is extended until September 30, 2025 for exports made from DTA units.
According to the DGFT, it has also been notified that the revised tariffs under the RoDTEP system will be applicable from October 10 this year. By that time the Icegate portal will already be implemented with the new rates. ICEGATE registration is a precondition for online submission of all customs-related documents such as goods receipt bill and freight bill.
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The cost is so many billions of rupees.
In the financial year 2022-23, the scheme supported exports worth $450 billion at a cost of Rs 13,020 crore. While in 2021-22, this plan generated exports of $421 billion and expenditure of Rs 12,100 crore. The tax refund rate under this scheme ranges from 0.5 per cent to 4.3 per cent of the value of the product.
