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Date: 06/11/2024

Mandatory annual reporting requirements introduced for RoDTEP scheme

The Directorate General of Foreign Trade (DGFT) has introduced mandatory annual reporting requirements for exporters who have claimed duty credits exceeding Rs 1 crore under the Remission of Duties and Taxes on Export Products (RoDTEP) scheme. The return calls for detailed product-wise information regarding Value Added Tax (VAT) and Excise Duty paid on both inbound and outbound transportation. The DGFT has set March 31, 2025 as the deadline for submitting 2023-24 data, with penalties for non-compliance including potential loss of RoDTEP benefits. 
 
Late submissions within three months can be rectified with a Rs 10,000 composition fee, while delays beyond this period will incur a Rs 20,000 fee. Exporters must also declare that their RoDTEP claims do not exceed actual tax incurrences, with the committee reserving the right to demand reimbursement of excess claims, as per a report.
 
Source: Exim News Service: New Delhi, Nov. 5



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