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

15 Nov

Government issues guidelines to curb misleading ads by coaching centres

'The central Government issued new guidelines aimed at curbing misleading advertisements by coaching institutes, specifically prohibiting false promises such as "100 per cent selec

Read More

15 Nov

Janjatiya Gaurav Divas

'Every year on November 15th, Janjatiya Gaurav Divas is celebrated to honor the contributions of these communities, especially in India’s freedom struggle.' 5th November

Read More

15 Nov

Supreme Court’s order on mandatory accessibility standards

'A bench of the Supreme Court last week ordered the Union government to frame mandatory rules for ensuring the accessibility of public places and services to persons with disabilit

Read More

India’s First Ai-Driven Magazine Generator

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