FinMin notifies procedure to issue duty credit for goods exported under RoDTEP
The Hindu
The duty credit will be issued in lieu of remission of any duty or tax or levy, chargeable on any material used in the manufacture or processing of goods meant for exports.
The Finance ministry has notified the procedure to issue duty credit for goods exported under the tax refund scheme Remission of Duties and Taxes on Exported Products (RoDTEP).
The rates for 8,555 products— such as marine, agriculture, leather, gems and jewellery—were announced under the RoDTEP scheme in August this year.
The value of goods for calculation of duty credit to be allowed under the scheme will be the declared export FOB (Freight On Board) value or up to 1.5 times the market price of that item, whichever is less, a notification of the department of revenue said.
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