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

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

28 Aug

H-1B visa changes

'H-1B visa changes 2025: United States Commerce Secretary Howard Lutnick called the popular H-1B visa program a “scam”, saying that American businesses should be focuse

Read More

India’s First Ai-Driven Magazine Generator

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