Government notified to extend RoDTEP scheme
The government of India notifies extension of the Remission of Duties and Taxes on Exported Products support to Advance Authorisation Holders, Export Oriented Units, and Special Economic Zones Units.
![Government notified to extend RoDTEP scheme](https://www.psuconnect.in/sdsdsd/government_notified_to_extend_rodtep_scheme.jpg)
Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal announced the extension of the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme support to additional export sectors in New Delhi.
The Government of India has announced an 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.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYThe 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 the 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.
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsAs per the budgetary allocation, 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.
Read Also : India assumes the Chair of Asian Disaster Preparedness CentreNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh