Informist, Saturday, Sep 14, 2024

NEW DELHI – The government extended tax incentives under several export schemes to shipments made through courier mode, the finance ministry said. Items exported by courier will now qualify for benefits under the Duty Drawback scheme, Remission of Duties and Taxes on Exported Products or RoDTEP scheme, and Rebate of State and Central Taxes and Levies or RoSCTL scheme.

The move is likely to support India's e-commerce exports, which may rise to $400 bln by 2030, the finance ministry said in a release. "To provide further stimulus to e-commerce exports, Central Board of Indirect Taxes and Customs has approved amendments to the Courier Imports and Exports Regulations, 2010 which will enable exporters to claim Duty Drawback, RoDTEP, and RoSCTL benefits for exports made through courier mode."

Under the Duty Drawback and RoDTEP scheme, the government refunds the duties paid by an exporter on the import of raw material used for manufacturing goods that are to be exported. Under RoSCTL, the government refunds the duty on the import of inputs to exporters from the textile and apparel sector. End

Reported by Krity Ambey

Edited by Deepshikha Bhardwaj

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