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India launches new refund scheme

India has put forth a mechanism for reimbursement of all taxes or duties or levies that are currently not being refunded under any other mechanism, but which are incurred in the process of manufacture and distribution of exported products.

The scheme called Remission of Duties and Taxes on Exported Products (RoDTEP) aims to boost the domestic industry and provide a level playing field for Indian producers in the international market. Refunds, in the form of transferable duty credit/electronic scrip, will be issued to exporters and will be maintained in an electronic ledger. The scheme will be implemented with end-to-end digitization and is a step toward zero-rating of exports, along with refunds such as drawback and the integrated goods and services tax. This is expected to lead to cost competitiveness of exported products in international markets and better employment opportunities in export-oriented manufacturing industries. A monitoring and audit mechanism, with a risk management system, would be put in to physically verify records of the exporters. As and when rates under the RoDTEP scheme are announced for a tariff line/ item, the Merchandise Exports from India Scheme benefits on such tariff line/item will be discontinued.

The introduction of the scheme across sectors, prioritisation of the sectors to be covered and the degree of benefit to be given on various items will be decided.

 
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