Denial of RoDTEP Creates a Stir in Chemical Industry, Indian Chemical Council Appeals Reconsideration from the Government of India
India’s chemical industry representative body, the Indian Chemical Council (ICC), which focusses on the industry’s growth, promotion and policymaking, has ushered in filing an appeal to the Government of India (GoI) to consider the inclusion of chemical products under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme while highlighting the adversities being borne by the chemical industry on RoDTEP denial. The appeal by ICC has been submitted to the Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers, GoI, following the release of a product-wise rate list by GoI via notification number 19/2015-2020 dated August 17, 2021, which reveals government’s refrain from the allocation of RoDTEP rates to chemicals and allied products. RoDTEP reform, which has been introduced in lieu of the Merchandise Exports from India Scheme (MEIS), is a WTO compliant scheme devised to promote India’s exports and market competitiveness by benefitting ex...