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Exporters' long wait over as Centre notifies RoDTEP rates
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SME Times News Bureau | 17 Aug, 2021
India on Tuesday notified the RoDTEP (Refund of Duties and Taxes on
Exported Products) scheme, meant to provide refunds to exporters on
taxes and levies borne on exported products.
"The scheme for zero
rating of exports will boost our exports and competitiveness in the
global markets. The rates of RoDTEP will cover 8,555 tariff lines," an
official communique said.
"It may be noted that Government is
leaving no stone unturned to support domestic industry and make it more
competitive in the international markets," it added.
According to
the statement, export-centric industries are being reformed and
introduced to better mechanisms so as to increase their competitiveness,
boost exports, generate employment, and contribute to the overall
economy.
"This will go a long way in achieving our vision of building an 'Aatmanirbhar Bharat'.
"RoDTEP
is one such reform, 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,"
it said.
The scheme's objective is to refund currently
un-refunded duties, or levies, at the Central, State and local level,
borne on the exported product, including prior stage cumulative indirect
taxes on goods and services used in production.
It also has provision for refund of duties or levies borne on distribution of exported products.
"RoDTEP
is going to give a boost to Indian exports by providing a level playing
field to domestic industry abroad," the statement said, but clarified
that rebate under the scheme shall not be available in respect of duties
and taxes already exempted or remitted or credited.
RoDTEP
support will also be available to eligible exporters at a notified rate
as a percentage of 'Freight On Board' (FOB) value.
"Rebate on certain export products will also be subject to value cap per unit of the exported product."
"Scheme
is to be implemented by Customs through a simplified IT System. Rebate
will be issued in the form of a transferable duty credit or electronic
scrip (e-scrip) which will be maintained in an electronic ledger by the
Central Board of Indirect Taxes & Customs (CBIC)."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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