Indian Government has extended export benefits under Remission of Duties and Taxes on Exported Products scheme to steel for exports made during 15 December 2022 till 30 September 2023. According to the notification of the Director General of Foreign Trade “Additional export sectors & items are being added under RoDTEP for exports made from December 15 this year and shall be applicable till September 30, 2023." The expanded list of eligible export items will increase from current 8,731 export items to 10,342 items.”The announcement said “Taking a major step to boost exports, Centre today further expanded the scope of RoDTEP Scheme by including the exports made from the chemical sector, pharmaceuticals sector and exports of articles of iron & steel. "In the present times, when exports are facing headwinds on account of signs of recession in some of the developed markets and supply chain disruptions on account of Russia-Ukraine conflict, extension of RoDTEP to uncovered sectors like chemicals, pharmaceuticals and articles of iron and steel is likely to enhance the export competitiveness of these sectors.”The scheme is being implemented from 1 January 2021 and the rebate is issued as transferable electronic scrip by the Central Board of Indirect Taxes & Customs in an end-to-end IT environment.It said that this was a long standing demand of the steel industry, which has been accepted.RoDTEP is based on the globally accepted principle that taxes and duties should not be exported, and taxes and levies borne on the exported products should be either exempted or remitted to exporters. The scheme rebates & refunds the embedded central, state and local duties & taxes to the exporters that were so far not being rebated refunded.
Indian Government has extended export benefits under Remission of Duties and Taxes on Exported Products scheme to steel for exports made during 15 December 2022 till 30 September 2023. According to the notification of the Director General of Foreign Trade “Additional export sectors & items are being added under RoDTEP for exports made from December 15 this year and shall be applicable till September 30, 2023." The expanded list of eligible export items will increase from current 8,731 export items to 10,342 items.”The announcement said “Taking a major step to boost exports, Centre today further expanded the scope of RoDTEP Scheme by including the exports made from the chemical sector, pharmaceuticals sector and exports of articles of iron & steel. "In the present times, when exports are facing headwinds on account of signs of recession in some of the developed markets and supply chain disruptions on account of Russia-Ukraine conflict, extension of RoDTEP to uncovered sectors like chemicals, pharmaceuticals and articles of iron and steel is likely to enhance the export competitiveness of these sectors.”The scheme is being implemented from 1 January 2021 and the rebate is issued as transferable electronic scrip by the Central Board of Indirect Taxes & Customs in an end-to-end IT environment.It said that this was a long standing demand of the steel industry, which has been accepted.RoDTEP is based on the globally accepted principle that taxes and duties should not be exported, and taxes and levies borne on the exported products should be either exempted or remitted to exporters. The scheme rebates & refunds the embedded central, state and local duties & taxes to the exporters that were so far not being rebated refunded.
