New Delhi: For almost eight months after its implementation, the government on Tuesday announced interest rates with task remissions and taxes in the export product scheme (Rodtep), promising to find a solution to clean up arrears under two schemes that did not work for exporters of goods and services.
This year, Rodtep, which is intended to restore taxes paid by exporters on input and service, will cover more than 8,500 products or rates, with funds allocated at Rs 12,454 Crore.
Other Crore Rs 7,000 has been provided for the discount of state tax and central and retribution (ROSCTL), which was notified last week.
During the next financial year, RS19,400 Crore will be available for two schemes, Trading Secretary B V R Subrahnyam said.
“Today, we have told the tariff.
Rodtep will be a long-lasting scheme and it will be a superior scheme from the Ministry of Commerce.
It is also obedient to the WTO,” Subrahmanyam said to reporters.
The scheme will cover 95% of the tariff lines or goods and exports, with refunds of money ranging from 0.5% and 4.3%.
The rebate under the scheme will not be available in connection with the duties and taxes that have been excluded or sent or credited.
On the problem of the two previous schemes – export merchandise from the Indian scheme and export service from the Indian scheme – which is not in accordance with the rules of global trade, the Ministry of Commerce is in talks with the Ministry of Finance to complete contributions.
“It’s a pretty big amount …
we work very closely with finance (service).
Give us 15 days,” Secretary said.