New Delhi: The government's move to include iron and steel products under the tax refund scheme, RoDTEP will help Indian steel players to expand global footprint, said Union minister, Jyotiraditya Scindia on Thursday. The move follows removal of export duty on steel products to nil, which came into effect from November 19, the steel minister said.
The government on December 7 extended export benefits under the tax refund scheme to products of iron and steel along with chemicals, pharmaceuticals for a specified period with a view to boost shipments of these goods, amidst export growth recording a contraction of 16.65 percent in October. These sectors were left out in the earlier exercise which was conducted in August 2021.
Under the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme, benefits will be given to exports made from December 15 this year to September 30 next year.
"A welcome move following the removal of export duty on steel products. This would boost steel exports, helping our players to expand their footprint in international markets. Thank you, Narendra Modi, Nirmala Sitharaman and Piyush Goyal for the progressive decision," the steel minister said in a tweet.
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