The Centre on Thursday decided to extend the benefit of the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods with effect from January 1.
Accordingly, the notified rates, irrespective of the date of notification, will apply with effect from January 1 to all eligible exports of goods.
The RoDTEP scheme would refund to exporters Central, State and local duties/taxes to which were so far not being rebated/refunded and were, therefore, placing exports at a disadvantage. The refund would be credited in an exporter’s ledger account with Customs and used to pay Basic Customs duty on imported goods. The credits can also be transferred to other importers.
The RoDTEP rates would be notified shortly by the Commerce Ministry, based on the recommendation of a Committee chaired by former Commerce and Home Secretary G K Pillai. The final Report of the Committee is expected shortly.
An exporter desirous of availing the benefit of the RoDTEP scheme will be required to declare his intention for each export item in the shipping bill or bill of export. The RoDTEP will be allowed, subject to specified conditions and exclusions.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.