Published on: August 18, 2021
What is in news : Centre has notified RoDTEP Scheme Guidelines and Rates (Remission of Duties and Taxes on Exported Products)
About the scheme:
- The scheme was announced in 2020 as a replacement for the Merchandise Export from India Scheme (MEIS), which was not compliant with the rules of the World Trade Organisation.
- The scheme would refund to exporters the embedded central, state and local duties or taxes that were so far not being rebated or refunded and were, therefore, placing India’s exports at a disadvantage.
- Indian exporters will be able to meet the international standards for exports as affordable testing and certification will be made available to exporters within the country instead of relying on international organizations.
- Also under it, tax assessment is set to become fully automatic for exporters. Businesses will get access to their refunds for GST via an automatic refund-route.
- This would increase the economy for the country and working capital for the enterprise.