SIGN IN SUBSCRIBE

News Update

20 army men killed in blasts at army base in Cambodia3 Indian women from Gujarat died in mega SUV accident in USJNU switches to NET in place of entrance test for PhD admissionsGST - fake invoice - Patanjali served Rs 27 Cr demand noticeI-T - Bonafide claim of deduction by assessee which was accepted in first round of proceedings does not tantamount to furnishing of inaccurate particulars, simply because it was disallowed later: ITATIndia-bound oil tanker struck by Houthi’s missiles in Red SeaSCO Defence Ministers' Meeting endorses 'One Earth, One Family, One Future'RBI issues draft rules on digital lendingI-T - In order to invoke revisionary jurisdiction u/s 263, twin conditions of error in order and also prejudice to interest of Revenue must be established independently: ITATCRPF senior official served notice of dismissal on charges of sexual harassmentIndian Air Force ushers in Digital Transformation with DigiLocker IntegrationColumbia faculty blames leadership for police action against protestersCX - When process undertaken by assessee does not amount to manufacture, even then CENVAT credit is admissible if such inputs are cleared on payment of duty which would amount to reversal of credit availed: CESTATGoogle to inject USD 3 bn investment in data centre in IndianaCus - The equipments are teaching accessories which enable students in a class to respond to queries and these equipments are used along with ADP machine, same merits classification under CTH 8471 60 29: CESTATUN says clearing Gaza mounds of rubble to take 14 yrsST - When issue is of interpretation, appellant should not be fastened with demand for extended period, the demand confirmed for extended period is set aside: CESTATBlinken says China trying to interfere US Presidential pollsWorld Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions
 
Govt further extends Scheme for Remission of Duties and Taxes on Exported Products

By TIOL News Service

NEW DELHI, MAR 09, 2024: UNION Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Piyush Goyal, announced the extension of Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme support to additional export sectors in New Delhi yesterday. The Government of India has announced extension of the RoDTEP Scheme support to additional export sectors i.e. Advance Authorisation (AA) holders, Export Oriented Units (EOU) and Special Economic Zones (SEZ) export units. This decision comes in recognition of the significant contribution these sectors make to India's Exports, constituting approximately 25% of our exports. Amidst global economic uncertainties and supply chain disruptions, extending RoDTEP to the uncovered sectors such as AA, EOU, and SEZ units will help the exporting community in handling the international headwinds.

The Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme is a key initiative by the Government of India aimed at refunding various embedded taxes and duties on exported products. Since its inception in January 2021, the RoDTEP Scheme has already provided support amounting to Rs.42,000 Crores to more than 10,500 export items at 8-digit ITC HS Code level. In the current financial year, the scheme has a budget of Rs.15,070 Crore with an additional increase of 10% in FY 2024-25.

Keeping budgetary allocation in view, the extension of RODTEP to additional sectors is presently till 30.09.2024. The extension of the RODTEP scheme to these sectors is aimed at enhancing India's export competitiveness in international markets. Key sectors such as Engineering, Textiles, Chemicals, Pharmaceuticals & Food Processing and many others stand to benefit from the measure.

By providing support to crucial export sectors, the government aims to not only enhance their competitiveness but also create employment opportunities and contribute to overall economic growth, aligning with the vision of building an Aatmanirbhar Bharat. The government is confident that the proactive measures being taken, including efforts to negotiate new FTAs, will further accelerate India's journey towards achieving USD One trillion merchandise export levels.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST