In a major step to boost exports from MIHAN (Multi-modal International Cargo Hub and Airport at Nagpur) and attract more entrepreneurs, the Maharashtra government, led by Deputy Chief Minister Devendra Fadnavis, has announced tax relief for Special Economic Zones (SEZs) and Export-Oriented Units (EOUs).
As per the new policy, SEZs and EOUs will now be covered under the RODTEP (Remission of Duties and Taxes on Export Products) scheme. This scheme offers subsidies between 1% to 4%, depending on the product category. The new decision will take effect from June 1.
Until now, Special Economic Zones (SEZs) and Export-Oriented Units (EOUs) were not included under the RODTEP (Remission of Duties and Taxes on Export Products) scheme. But with the latest decision, products exported from these units will now be eligible for tax and duty refunds. This will provide much-needed relief and encouragement to exporters working in these zones.
The move is part of the central government’s ongoing efforts to make Indian exports more competitive in the global market. The RODTEP scheme, which started on January 1, 2021, follows WTO rules and offers a fully digital and transparent platform to support exporters. SEZs and EOUs being included now marks a positive step toward fair and efficient trade support.
The decision to extend RODTEP benefits to SEZs and EOUs comes after strong recommendations from key industry groups like the Export Promotion Council, MIHAN Industries Association, ASSOCHAM, and FIEO (Federation of Indian Export Organizations). These bodies had been actively pushing for this inclusion.
With this move, all exporters across different sectors are expected to get a level playing field. It is likely to give a strong boost to India’s export economy by making the export process fairer and more competitive.
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