Media reports suggest that India’s Finance Ministry has turned down the Commerce Ministry’s proposal to extend an export duty refund scheme to the steel because of limited funds as there were other areas which need more attention. Under RoDTEP, various central and state duties, taxes and levies imposed on input products, among others, will be refunded to exporters. Rebates are issued in the form of a transferable duty credit/electronic scrip (e-scrip) which is maintained in an electronic ledger by the Central Board of Indirect Taxes and Customs. Eligible exporters get refunds from the government in the range of 0.3-4.3% of the free-on-board value of their products.
Media reports suggest that India’s Finance Ministry has turned down the Commerce Ministry’s proposal to extend an export duty refund scheme to the steel because of limited funds as there were other areas which need more attention. Under RoDTEP, various central and state duties, taxes and levies imposed on input products, among others, will be refunded to exporters. Rebates are issued in the form of a transferable duty credit/electronic scrip (e-scrip) which is maintained in an electronic ledger by the Central Board of Indirect Taxes and Customs. Eligible exporters get refunds from the government in the range of 0.3-4.3% of the free-on-board value of their products.
