Sign In
Learn bits
Economy, Schemes & Policies
Admin

01/01/21 10:20 AM IST

Remission of Duties and Taxes on Exported Products

In news

Taking a major step to boost exports, Government has decided to extend the benefit of  the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods with effect from 1st January, 2021.

Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme
  • The Remission of DutiesandTaxes on Exported Products(RoDTEP) scheme was announced by Government of India (GOI) on 14 September 2019
  • It was announced to boostexportsby allowing reimbursement oftaxesandduties, which are not exempted or refunded under any other scheme in accordance with World Trade Organization (WTO) norms.

Objective of the RoDTEP Scheme

  • Refund to exporters the embedded Central, State and local duties/taxes that were so far not being rebated/refunded and were, therefore, placing our exports at a disadvantage. 
  • Refund would be credited in an exporter’s ledger account with Customs and used to pay Basic Customs duty on imported goods. The credits can also be transferred to other importers.

Source: PIB

More Related Current Affairs View All

20 Sep

Cabinet clears setting up of National Centre of Excellence in Mumbai for Animation, Visual Effects, Gaming, Comics and Extended Reality

'The Government has recently said that the Animation, Visual Effects, Gaming and Comic (AVGC) sector has the potential to provide employment to over 20 lakh people in the coming 10

Read More

20 Sep

Mini-moon

'According to a new study, the Earth’s gravitational field will temporarily capture a small asteroid, called 2024 PT5, in late September.' The asteroid will stay for two m

Read More

19 Sep

Cabinet clears development of Next Generation of satellite Launch Vehicle

'The Union Cabinet, led by Prime Minister Narendra Modi, has approved the development of the Next Generation Launch Vehicle (NGLV).' The NGLV is set to significantly enhance Ind

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps