The central government has made amendments to the Customs rules and allowed exporters to use RoDTEP and RoSCTL scrips to pay Customs duty or transfer or sell them to other importers. The amendment will safeguard the transferee who purchased the scrip in good faith.
“In exercise of the powers conferred by sub-section (1) of Section 51B of the Customs Act, 1962 (52 of 1962), the central government hereby makes the following amendments in the notification published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 663(E), dated the 24th September, 2021, namely: In the said notification, namely- (i) In clause 4, sub-clause (2) shall be omitted; (ii) In clause 5, sub-clause (5) shall be omitted; In clause 6, the words ‘or the transferee’ shall be omitted,” a finance ministry notification said.
Abhishek Jain, partner (indirect tax) at KPMG in India, said, “An exporter who gets the RoDTEP or RoSCTL scrips can use them to pay Customs duty or transfer/ sell them to other importers. The government in a much-appreciated move has done away with the provision to institute recovery proceedings against the transferee, in situations where the original scrip was inadvertently obtained. This change will safeguard the transferee who purchased the scrip in good faith.”
Under the Rates (Remission of Duties and Taxes on Exported Products), or RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, are refunded to exporters. Under the the Rebate of State and Central Taxes and Levies (RoSCTL) scheme, garment exporters get a rebate on central and state taxes on their outward shipments.
According to the latest official data, India’s overall exports, both merchandise and services, in August 2022 rose 6.75 per cent year-on-year to $57.47 billion. The total imports jumped 33.15 per cent to $75.84 billion during the month. The country’s trade deficit widened to $18.37 billion in August 2022.
India’s trade deficit in August 2021 had stood at $3.13 billion. The country’s exports in August 2021 stood at $53.83 billion, while its imports were at $56.96 billion.
“India’s overall exports (merchandise and services combined) in August 2022 are estimated to be $57.47 billion, exhibiting a positive growth of 6.75 per cent over the same period last year. Overall imports in August 2022 are estimated to be $75.84 billion, exhibiting a positive growth of 33.15 per cent over the same period last year,” the commerce and industry ministry has said in a statement.
Read all the Latest Business News and Breaking News here
Comments
0 comment