CALL US:022-6101 1700   sales@saffronmedia.in
HOME NEWS INGREDIENT MART EVENTS TOPICS INTERVIEW EDIT
 
News
 
Shardul Nautiyal, Mumbai October 31 , 2024
The Directorate General of Foreign Trade (DGFT), in accordance with recent updates to the Customs Tariff Act of 1975 introduced through the Finance Bill of 2024, has announced amendments to the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme, effective from October 1, 2024. These amendments aim to ensure that the RoDTEP Scheme is consistent with the latest First Schedule of the Customs Tariff Act, reflecting the most current tariff classifications and remission rates for exporters.

Under the authority vested by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, and Paragraph 1.02 of the Foreign Trade Policy 2023, the Central Government has implemented the following changes.

Key Amendments to the RoDTEP Scheme include addition of new tariff lines. 39 tariff lines at the 8-digit level have been newly incorporated into the RoDTEP Scheme, potentially expanding eligibility for remission on various goods under these classifications.

A total of 13 tariff lines at the 8-digit level have been removed from the RoDTEP Schedule, which may impact the eligibility of certain goods for tax remission benefits. Descriptions of 2 tariff lines at the 8-digit level have been revised to align with updated classification norms.

The HS Codes and specific details of these changes, along with the corresponding RoDTEP rates and value caps, are accessible on the DGFT portal at www.dgft.gov.in under the Regulations > RoDTEP section. This update clarifies the applicable remission rates for affected items, covering both the period from October 1 to 9, 2024, and rates effective October 10, 2024, onward.

The RoDTEP Scheme, a vital policy tool aimed at enhancing export competitiveness by reimbursing embedded duties and taxes, will now offer updated remission benefits that reflect the most current tariff classifications. Exporters are encouraged to review the revised tariff lines and rate schedules to ensure compliance and to maximize potential benefits under the updated RoDTEP Scheme.

The DGFT urges exporters and stakeholders to regularly consult the DGFT portal for further updates on regulatory changes affecting trade facilitation and export benefits.

Share This Story

Leave a Reply
Your name (required)   Your email (required)
         
Website (required)
   
CommenT
 
Enter Code (Required)

 

 

 
INGREDIENT MART

RECENT NEWS

TOPICS
That foods might provide therapeutic benefits is clearly not a new concept. ...

 

MAIN LINKS OUR SERVICES OTHER PRODUCTS ONLINE MEDIA  
 
About Us
Contact Us
News Archives
 

Product Finder
Features and Articles
News
 
Chronicle Pharmabiz
Food & Bevergae News
Ingredients South Asia
 
Media Information
Rate Card
Advertise
 
 
Copyright © 2023 Saffron Media Pvt Ltd. All Rights Reserved.
Best View in Chrome (103.0) or Firefox (90.0)