Duty, Tax Remission Scheme To Run Till End June, 2024

(MENAFN- Live Mint) "The government has extended the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme till 30 June 2024, an official statement said on Tuesday, benefitting exporters amid global headwinds.“The RoDTEP support which was notified till 30th September 2023 is now being extended till 30th June 2024 at the same rates to the existing export items,” the commerce ministry said in a statement.This will help India's exporting community to negotiate export contracts in the present international environment on better terms, with the government also emphasizing that the scheme is compatible with World Trade Organization rules.The RoDTEP Committee has again been constituted in the Department of Revenue to review and recommend the ceiling rates under the RoDTEP scheme for different export sectors.The committee held its first interaction on Tuesday at Vanijya Bhawan in New Delhi with the Export Promotion Councils (EPCs)/Chamber of Commerce and discussed the methodology and other issues relating to the Scheme and its implementation, the statement added.The RoDTEP scheme was introduced by the government as a duty remission scheme on exports and has been implemented since 1 January, 2021.The scheme provides a mechanism for reimbursement of taxes, duties and levies, which are currently not being refunded under any other mechanism, at the central, state and local level, which are incurred by the export entities in the process of manufacture and distribution of exported products.Under the scheme, a support of ₹27,018 crore has been extended for the 27-month period till 31 March 2023.The RoDTEP scheme operates under a budgetary framework. For FY 2023-24, a budget of ₹15,070 crore is available to support 10,610 products, the government said.

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