Duty credit process notified under Rodtep

The Finance Ministry has notified the procedure for issuance of duty credit for goods under the Duty and Tax Exemption Scheme (Rodtep) on exported products. In August this year, rates were announced for 8,555 products such as marine, agriculture, leather, gems, and jewelry, under the Rodtep scheme.

The revenue department said that for calculation of duty credit under the scheme, the post-shipment for export (FOB) value of the commodity or up to 1.5 times the market value of the commodity (whichever is less).

Duty credit will be issued in lieu of exemption of any duty or tax or levy payable on the material used in the manufacturing or processing of any article for export. The government has made a provision of a refund of Rs 12,454 crore during the current financial year under this scheme.

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