With aim to boost the country’s exports and competitiveness in the global markets, the Centre has notified a scheme for zero rating of exports. The scheme known as Remission of Duties and Taxes on Exported Products- RoDTEP Scheme Guidelines and Rates will cover 8555 tariff lines.
The Ministry of Commerce and Industry said that it’s supporting domestic industry while making it more competitive internationally.
It said, RoDTEP scheme is a reform based on globally accepted principle which states that duties and taxes should not be exported while at the same time levies and taxes on the exported products should be either remitted or exempted for exporters.
The Confederation of Indian Industry (CII) has welcomed the RoDTEP rates by the Government and said the move will help traders take advantage of global tailwinds. CII Director General Chandrajit Banerjee said while finalizing new orders the scheme will help exporters to factor in the rates while creating a level playing field for them in the international market.