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Duty refunds likely for steel, pharma and chemical exports.


Date: 10-10-2022
Subject: Duty refunds likely for steel, pharma and chemical exports
India could be looking at extending a key export scheme to pharmaceuticals, chemicals and steel products, eyeing measures to support exports hit hard by falling demand in advanced economies. Discussions have started between the ministries of commerce & industry and finance on including these sectors under the Refund of Duties and Taxes on Exported Products or RoDTEP scheme.

The input duty remission scheme for exporters was implemented from January 1, 2021 but had excluded these sectors. “A proposal to include these sectors under RoDTEP is under discussions,” a government official, privy to the deliberations, told ET.

A cabinet note could be moved after discussions with the finance ministry, according to the official. The scheme offers 0.3-4.3% incentive to 8,555 products in many employment-generating sectors such as marine, agriculture, leather and gems & jewellery.

The government has provided around Rs 13,000 crore under RoDTEP for the refund of duties and taxes such as value added tax on fuel used in transportation, mandi tax and duty on electricity used during manufacturing. As per the official, the commerce department will need Rs 2,000 crore more to expand the scheme’s coverage.

Source Name:-Economic Times 

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