The scheme of RoDTEP was brought into applicability from Jan 1’ 2021, this came as a replacement to MEIS (Merchandise Exports from India Scheme). The scheme ensures that the exporters receive the refunds on the embedded taxes and duties previously non-recoverable. It was introduced with the intention to boost exports which were relatively poor in volume previously.
The compliance of RoDTEP is simple and for initiating the same the following documents are required for making an application:
- Shipping Bills
- Electronic Bank Realisation Certificate (eBRC)
- DSC - Class 3
- Registration um Membership Certificate
Duration of the RoDTEP Scheme
The RoDTEP scheme came into effect on 1 January 2021. The RoDTEP scheme will be in effect till 2025 or until a new scheme comes in to replace it. The RoDTEP scheme subsidises the entire merchandise exports of India.
Eligibility of the apply for RoDTEP
The RoDTEP scheme covers employment-oriented sectors like marine, leather, gems and jewellery, agriculture, etc. It will also support other sectors like electrical/electronics, automobiles, machinery, plastics, etc. The RoDTEP and RoSCTL (Rebate of State and Central Taxes and Levies) cover the entire value chain of textiles.
Some of the most critical sectors currently excluded from the benefit under the RoDTEP scheme are pharmaceuticals, steel, organic and inorganic chemicals, etc.
How SKMC Global can help ?
The Indian government launched the RoDTEP (Remission of Duties and Taxes on Export Products) program in an effort to increase the competitiveness of Indian exports by waiving some duties and taxes on items sent from the country. As a service provider, SKMC Global is essential in assisting companies in utilizing and navigating this program. Here's how we get involved:
Scheme Guidance:
Assess if the company's exports and goods meet the requirements for the RoDTEP program's rewards. Give thorough descriptions of the rules governing the scheme, including the product categories, applicable taxes and tariffs, and compliance requirements.
Documentation and Application:
Help in completing and submitting applications for RoDTEP benefits, including gathering the relevant paperwork and forms. Assist in compiling and arranging supplementary paperwork, such as export invoices, shipping bills, and evidence of paid tariffs.
Compliance and Record Keeping:
Make that the organization complies with the RoDTEP scheme's compliance criteria with regard to its processes and paperwork. To bolster claims and audits, keep precise records of exports and associated tariffs and taxes.
Claim Processing:
Assist in preparing claims and liaising with government organizations in order to submit refund claims under the RoDTEP plan. To guarantee prompt processing and reimbursement receiving, keep an eye on the progress of claims and follow up with the appropriate authorities.
Tax and Duty Analysis:
Determine and analyze the taxes and duties that the RoDTEP program qualifies for remission. Provide an estimate of the possible reimbursements based on the export quantities of the company and the scheme-applicable rates.
Compliance Audits:
In order to confirm the correctness of RoDTEP claims and compliance with scheme regulations, authorities may conduct audits or reviews, which you should be prepared for and cooperate with. Attend to any problems or inconsistencies found during audits and assist in finding solutions.
Regulatory Updates:
Notify the company of any updates or changes to the RoDTEP plan, such as adjustments to the procedures, eligibility requirements, or pricing. Provide guidance on how to adjust to new rules or modifications in the process to guarantee ongoing adherence and advantages. Help with the integration of procedures and systems with software or government portals for RoDTEP applications and claim submissions. Use automation tools to expedite the claims and paperwork process.
Legal and Regulatory Representation:
Act as the company's representative in any disagreements or problems pertaining to RoDTEP claims or scheme compliance. Offer legal assistance for any appeals or disputes pertaining to the administration of the program or the processing of claims.
Your firm and business can efficiently traverse the RoDTEP scheme by utilizing SKMC Global's experience. This will ensure compliance and maximize the benefits from refunds of duties and taxes on exports.