The government's move to include iron and steel products under the tax refund scheme -- RoDTEP -- will help Indian steel players to expand their global footprint, Union minister Jyotiraditya Scindia said on Thursday.
The move follows the removal of export duty on steel products to nil effective November 19, 2022, the steel minister said terming it a "progressive decision".
The government on Wednesday extended export benefits under the tax refund scheme to iron and steel products along with chemicals and pharmaceuticals for a specified period with a view to boost shipments of these goods, amidst export growth recording a contraction of 16.65 per cent 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 till September 30 next year.
"A welcome move following the removal of export duty on steel products. This would boost steel exports, helping our players expand their footprint in international markets. Thank you, Narendra Modi Ji, Nirmala Sitharaman Ji & Piyush Goyal Ji for the progressive decision! " he said.
