India notifies RoDTEP, scheme rates to cover 8,555 tariff lines

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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.”

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.”

–IANS

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