Finmin notifies procedure for goods exported under RODTEP

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. The government has set aside ~12,454 crore for refunds under the scheme for the current fiscal.