Centre restores tax sops to help exporters amid West Asia crisis
NEW DELHI : In view of the evolving geopolitical situation due to the Iran war and its implications for maritime trade, the Centre has decided to restore the rates and value caps under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for all eligible export products with effect from March 23, according to a statement issued by the Ministry of Commerce and Industry on Monday. This step is intended to provide timely support to Indian exporters facing elevated freight costs and war-related trade risks arising from disruptions in the Gulf and the wider West Asia maritime corridor, the statement said. The restored rates will be those that were in force, as on February 22 this year, thereby withdrawing the earlier restriction of 50 percent that was imposed on February 23. The present notification supersedes the aforesaid notification dated February 23, along with the corrigendum dated February 24, except in respect of actions already taken prior to such supersession, the statement said.