To boost exports, the government announced tax refund rates under the RoDTEP export promotion plan for 8,555 products on Tuesday, including marine goods, yarn, and dairy items.
According to a top official, the government has set aside Rs 12,454 crore for refunds under the Remission of Duties and Taxes on Exported Products (RoDTEP) programme for the current fiscal year. Various central and state tariffs, taxes, and levies levied on input items, among other things, will be reimbursed to exporters under the RoDTEP. Commerce Secretary B V R Subrahmanyam stated that Rs 19,400 crore will be available for both the RoDTEP in 2021-22.
The RoSCTL programme for the export of garments and clothing was announced. The sum is Rs 12,454 crore for the RoDTEP plan and Rs 6,946 crore for the RoSCTL scheme. Because the RoDTEP plan went into operation on January 1 of this year, additional monies will be paid on a pro-rata basis from January to March. “RoDTEP will be a long-term plan and a flagship project of the trade ministry,” the secretary said in an interview with the media.