The Indian government has extended its Remission of Duties and Taxes on Export Products (RoDTEP) by nine months till June 30, 2024. The scheme was earlier supposed to end on September 30.
The RoDTEP rates on export products items will remain the same for the extended nine month period, while the scheme offers duty and tax remissions for 18 export textile products.
In a statement, the Ministry of Commerce and Industry said the extension of RoDTEP will help the exporting community to negotiate export contracts in the present international environment on better terms.
The RoDTEP scheme was introduced as a duty remission scheme on exports and is being implemented since January 2021.
The scheme provides a mechanism for reimbursement of taxes, duties and levies, which are currently not being refunded under any other mechanism.
But these are incurred by the exporting companies in the process of manufacture and distribution of export products.
Since its launch in 2021, INR 27,018 crore has been disbursed, while a budget of INR 15,070 crore has been allocated for fiscal 2023-24.
India extends duty & tax remission scheme for nine months
