Cabinet approves“Remission of Duties and Taxes on Exported Products (RoDTEP)” Scheme

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News:Union Cabinet has given its approval for introducing the Scheme for Remission of Duties and Taxes on Exported Products(RoDTEP).

Facts:

About the Scheme:

  • Aim:To reimburse taxes and duties paid by exporters such as value added tax, coal cess, transportation cost among others which are not getting exempted or refunded under any other existing mechanism. 
  • It will replace the Merchandise Export from India Scheme (MEIS) that was found to violate the World Trade Organization rules as it was export focused. 

Additional information:

About Merchandise Exports From India Scheme(MEIS):

  • MEIS was introduced in the Foreign Trade Policy (FTP) 2015-20.
  • Objective:To offset infrastructural inefficiencies and associated costs involved in exporting goods which are manufactured in India including products manufactured by the MSME Sector.