Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Cabinet approves RoDTEP scheme to reimburse taxes, duties paid by exporters


Date: 14-03-2020
Subject: Cabinet approves RoDTEP scheme to reimburse taxes, duties paid by exporters
New Delhi: The Union Cabinet on Friday approved the Remission of Duties or Taxes on Export Products (RoDTEP), a scheme for exporters to reimburse taxes and duties paid by them such as value added tax, coal cess, mandi tax, electricity duties and fuel used for transportation, which are not getting exempted or refunded under any other existing mechanism.

“This RoDTEP scheme is very important for our exports to get level playing field at the international level,” said commerce and industry minister Piyush Goyal.

The scheme comes at a time when India’s exports declined for the sixth month in a row in January and face uncertainty due to the spread of the novel Coronavirus.

India’s exports were $265.26 billion in the April-January period, a 1.93% decline on-year. The country had clocked $331 billion of exports in 2018-19. The commerce and industry ministry will release the data for February later this evening.

Finance Minister Nirmala Sitharaman had announced the RoDTEP last year to incentivise exporters at an estimated cost of Rs 50,000 crore.

The RoDTEP rates will be decided after industry consultations and that would take 6-8 months, Goyal said.

It will replace the Merchandise Export from India Scheme (MEIS) that was found to violate the World Trade Organization rules as it was export focused. MEIS will be phased out.

Source: economictimes.indiatimes.com

Infodrive India Pvt Ltd

Delhi :
  F-19, Pocket F, Okhla Phase-I
      Okhla Industrial Area

      New Delhi- 110020
   011 - 40703001

Kolkata :
  5th Floor Stesalit Towers,
      E-2-3, EP & GP Block,

      Sector-V, Salt Lake City,
      Kolkata-700 091
   033 - 71177191

INFODRIVE INDIA Copyright © 1996-2020 InfodriveIndia. All Rights Reserved.
Please read our Terms of Use and Privacy Policy before you use.

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+