Home » Commerce and Industry » Government of India notifies extension of Remission of Duties and Taxes on Exported Products support to Advance Authorisation Holders, Export Oriented Units and Special Economic Zones Units

Government of India notifies extension of Remission of Duties and Taxes on Exported Products support to Advance Authorisation Holders, Export Oriented Units and Special Economic Zones Units

Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal announced the extension of Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme support to additional export sectors in New Delhi today. 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 ₹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 ₹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.

 

About IIPnews

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Combined Index of Eight Core Industries increases by 6.7% (provisional) in Feb 2024 as compared to Index of Feb 2023

The combined Index of Eight Core Industries (ICI) increased by 6.7per cent (provisional) in February 2024 ...

Highest monthly merchandise exports, in the current FY so far, recorded in February 2024. India’s merchandise exports in February 2024 stands at USD 41.40 Billion; an increase of 11.86% over USD 37.01 Billion in February 2023

India’s overall exports (Merchandise and Services combined) in February 2024* is estimated to be USD ...

Index Numbers of Wholesale Price in India for the Month of February, 2024 (Base Year: 2011-12)

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is ...

Financial assistance under ‘Tea Development & Promotion Scheme’ increases by 82% from Rs. 290.81 crores to Rs.528.97 crore for 2024-25 and 2025-26

The financial assistance for the Tea sector under the ‘Tea Development & Promotion Scheme’ has ...

Cabinet approves Uttar Poorva Transformative Industrialization Scheme, 2024

The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Ministry of ...

DPIIT notifies Quality Control Orders for ‘Potable water bottles’ and ‘Flame-Producing Lighter’

Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry has ...

‘Intense momentum marks the opening day of Startup20’s third meeting in Goa Over 250 International, National delegates participate on Day One

The Startup20 Engagement Group of the G20 kicked off its third meeting, the Goa Sankalpana, ...

Spices Board establishes eight crop specific Spices Parks across the country

Spices Board has established eight crop specific Spices Parks across the country, the Minister of ...

Seafood products export from India during the last three years has increases from US$ 6679 million in FY 2019-20 to an all-time high record figure of US$ 7759.58 million in FY 2021-22

Seafood products export from India during the last three years has increased from US$ 6679 ...

Centre takes proactive steps to promote the GI tagged products in the global market

The Government has taken several proactive steps to promote the GI tagged products in the ...

WP2Social Auto Publish Powered By : XYZScripts.com