New Delhi, March 7 (SocialNews.XYZ) The government will restore full benefits under the export support scheme Remission of Duties and Taxes on Exported Products (RoDTEP) from April 1, according to exporters’ body Federation of Indian Export Organisations (FIEO) on Saturday.
The move is expected to provide much-needed support to the exporting community, which has been dealing with multiple global challenges.
“The assurance was given by the Directorate General of Foreign Trade during a meeting with the exporters’ body,” according to FIEO.
FIEO President SC Ralhan said the currently reduced rates under the RoDTEP scheme will remain in place only until March 31, 2026.
From April 1 onwards, the full rates will be restored, which is expected to support exporters who have been facing cost pressures and uncertainty in global markets.
On February 23 this year, the government had reduced RoDTEP duty benefits by half for most products, except agricultural and processed food items.
The decision had disappointed exporters, who urged the Ministry of Commerce and Industry to reconsider the move.
The RoDTEP scheme, launched in 2021, provides refunds of certain taxes, duties, and levies that exporters incur during the manufacturing and distribution of goods but are not reimbursed under other mechanisms at the central, state, or local levels.
The refunds under the scheme typically range from about 0.3 per cent to 3.9 per cent of the export value.
The programme replaced the earlier Merchandise Exports from India Scheme to ensure compliance with rules set by the World Trade Organisation.
It aims to improve the competitiveness of Indian products in global markets by reducing the tax burden on exporters.
Under the scheme, exporters must declare their intention to claim the benefit while filing the shipping bill for export.
After the export process is completed, the refund is issued as transferable electronic scrips that can be used to pay customs duties through the government’s ICEGATE portal.
Source: IANS
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