SME Times is powered by   
Search News
Just in:   • Modi at UNGA: 10 highlights of India's solutions at 'unparalleled' scale  • Import duty norm relaxed to improve containers availability  • Premium valuations biggest risk to market rally  • Big relief for service sector with SEIS release: FIEO  • Rs 300cr undisclosed income detected by I-T at financing syndicates 
Last updated: 23 Aug, 2021  

Rupee.9.Thmb.jpg RoDTEP rates

Rupee.9.jpg
   Top Stories
» Import duty norm relaxed to improve containers availability
» Big relief for service sector with SEIS release: FIEO
» Semiconductor shortage to further impact PV sales in Sep
» Centre to bring new cooperative policy soon: Amit Shah
» Make SEEPZ a world-class facility, says Piyush Goyal
Bikky Khosla | 23 Aug, 2021

The long wait is finally over. The Centre last week notified rates under the RoDTEP (Refund of Duties and Taxes on Exported Products) scheme, under which exporters are provided with refunds on taxes and levies borne on exported products. This scheme was approved last year to replace the Merchandise Exports from India Scheme (MEIS), and now the much-delayed announcement of the rates is, no doubt, a big relief to the sector.

The rates under RoDTEP scheme for different sectors are 0.5 percent, 2.5 percent and 4 percent. These rates will apply to 8,555 tariff lines. The Ministry of Finance in consultation with the Department of Commerce will decide the overall outlay for the scheme. Benefits under the scheme will be available to eligible exporters at a notified rate as a percentage of Freight On Board value. For certain export items, a fixed quantum of rebate amount per unit may also be notified.

RoDTEP scheme is based on the 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. These rates are WTO compatible and no doubt, this scheme will benefit our exporters. It is important, however, that the rates are quickly uploaded in the system. An exporters’ body also pleaded for coverage of various sectors such as Pharma, Organic & Inorganic chemicals, Article of Iron & Steel and Iron & Steel under RoDTEP immediately with effect from January 1, 2021.

Meanwhile, in another important development, the Commerce Minister met Export Promotion Councils (EPCs), Commodity Boards and Authorities and other stakeholders in Mumbai to discuss measures to increase exports. The minister exhorted them to take immediate and effective steps to rise to the challenge of achieving the merchandise export target of $400 billion for 2021-22 and $2 trillion exports by 2030. These targets are difficult but achievable.

I invite your opinions.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 26 Sep, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Rajasthan the most unemployed state after Haryana(1)
» Credit monitoring cell to monitor MSME loans(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter