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