Latest News | Taxes Embedded in Primary Input Steel Not Factored in RoDTEP Rates: EEPC

Kolkata, Aug 17 (PTI) The announcement of a scheme related to remission of duties on exported products is a relief but its rates have not taken into account the taxes embedded in raw materials like steel in engineering products in a large number of cases, EEPC India said on Tuesday.

Also Read | India Failed to Draw Up Plan Well in Advance to Evacuate Its Citizens From Afghanistan, Says Sitaram Yechury.

Remission of Duties and Taxes on Exported Products (RoDTEP) is one such reform, based on the globally accepted principle that taxes and duties should not be shipped out and levies borne on the exported products should be either exempted or remitted to exporters.

Also Read | Taliban Announces ‘Amnesty’ Across Afghanistan, Urges Women to Join Government.

Engineering Export Promotion Council of India chairman Mahesh Desai noted that the RoDTEP rates will only partially compensate for the un-rebated taxes, while a huge portion of the duties on the raw-material stage will continue.

"Reimbursement of embedded duty in export items was much needed as it will help exporters secure more orders from overseas. Given that the world market has almost reopened to great extent, the engineering goods sector needs full policy support to achieve its target of USD 107 billion set for FY22," Desai said.

He also stated, "We request the Centre to relook at the rates and give a full rebate on the taxes that still remain in the export production chain."

The rates of RoDTEP will cover 8,555 tariff lines.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)