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RODTEP EXTENSION WILL COMBAT GLOBAL SNAGS
The Business Guardian
|March 10, 2024
The extension of the remission of duties and taxes on exported products (RODTEP) scheme to include exports from special economic zones (SEZs) and export-oriented units (EOUs) coming amidst global economic uncertainties and supply chain disruptions, will help uncovered sectors such as advance authorisation (which allows duty-free imports of inputs for export production) EOU, and SEZ to weather international headwinds.
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The incentives is in recognition of the significant contribution these sectors make to India’s exports and will also support additional export sectors constituting approximately 25 per cent of India’s exports.
The RoDTEP scheme aimed at refunding various embedded taxes and duties on exported products, has since inception in January 2021, already provided support amounting to ₹42,000 crore to more than 10,500 export items at 8-digit ITC HS Code level. In the current financial year, the scheme has a budget of ₹15,070 Crore with an additional increase of 10 per cent in FY 2024-25. Keeping budgetary allocation in view, the extension of RODTEP to additional sectors is presently till 30 September, 2024.
This story is from the March 10, 2024 edition of The Business Guardian.
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