CITI, Chairman, Shri T. Rajkumar, has expressed his sincere thanks to the Hon’ble Prime Minister, Shri Narendra Modi Ji for announcing the rates of Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme, fulfilling the long-awaited and pending demand of the Indian textile exporters who were not covered under RoSTCL scheme. The scheme is effective from 1st January 2021.
Chairman, CITI also thanked Hon’ble Union Minister of Finance, Smt. Nirmala Sitharaman Ji, Hon’ble Union Minister of Commerce & Industry and Textiles, Shri Piyush Goyal Ji and Hon’ble Union Minister for Woman & Child Development, Smt. Smriti Zubin Irani Ji for putting in all their efforts to make RoDTEP a reality today!
Chairman, CITI pointed out that the export of textiles products has suffered in the last few years due to the non-availability of duty-free access. This has pushed India to the sixth position in the global textile trade from the second position due to the withdrawal of certain export benefits extended for yarns and fabrics and other products such as incremental export incentive, focus product and focus market export incentives, interest subvention, etc. He further stated that the Indian textile industry was attracting embedded taxes to the tune of 6-8% on the cotton yarn and cotton fabrics products and the same were not getting refunded to them at any stage.
Shri T Rajkumar further said that the cotton yarn and fabrics were to date eligible only for duty drawback and from now on, the cotton yarn will get 3.8% RoDTEP with a cap of Rs.11.40 per kilo and woven fabric of 4.3% with a cap of Rs.3.4 per sq. metre. He also stated that the knitted fabric has been given only 1% and requested the Government to review the rate based on modular RoDTEP calculation. He has said that the knitted fabric made out of yarn should get a higher benefit than the yarn which has been taken care of in the case of woven fabric.
Chairman, CITI stated that the scheme will place Indian textile exporters at par with international competitors and allow them to penetrate new markets to increase their market share and make the Indian textile industry AatmNirbhar in all senses.
