RoDTEP(remission of duties or taxes on export products)Schemebenefiteffective from 01/01/2021
Significant points to be noted by every Exporters regarding implementation of RoDTEP:
- Government of India has decided to extend the benefit of RoDTEP (Scheme for Remission of Duties and Taxes on Exported products)to all exported goods with effect from 1stJanuary 2021.
- Refund amount shall be directly credited to the Exporter’s ledger account with customs and the same can be used to pay the Basic Customs duty on imported goods. Such credit can also be transferred to other importers.
- Rate of refund would be notified by the Department of commerce shortly, based on recommendation of the committee.
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An exporter desirous of availing the benefit of the Scheme shall be required to declare his intention for each export item in the shipping bill or bill of export. It may be noted that if an exporter fails to claim the credit in shipping bill, No RoDTEP would accrue to the exporter.
Note: Though the rates and codes are not notified by the department yet, it is mandatory to indicate their intent of claim at the time of shipping bill filing itself. No changes in the claim will be allowed after the filing of the EGM (Export General Manifest) - Based on the exporters intent to claim in Shipping bill, system processes the eligible RoDTEP.
Click here for official press release.
For any further clarification
CA Saradha H
Co-founder & Partner at GGSH & Co LLP
saradha@ggsh.in