CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Government of India has reinstated benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for a wider group of exporters, including those holding Advance Authorizations (AA), Export-Oriented Units (EOUs), and units operating within Special Economic Zones (SEZs). This move is expected to provide a significant boost to India's export sector by enhancing its global competitiveness.
About RoDTEP Scheme
The RoDTEP scheme was introduced as part of an amendment to the Foreign Trade Policy 2015-20 and came into effect from January 1, 2021. Its primary objective is to reimburse exporters for the various embedded taxes and duties that are not refunded under any other existing mechanism but are incurred during the manufacturing and distribution process of exported goods.
These embedded levies may include:
Central and state-level taxes on fuel used in transportation
Electricity duties
Mandi taxes
Toll taxes
Stamp duties
Export-related indirect taxes not refunded through GST
Key Features Of RoDTEP
WTO Compliant - The scheme has been designed to conform with World Trade Organization (WTO) rules. It replaced the Merchandise Export from India Scheme (MEIS), which was deemed inconsistent with global trade norms following a complaint by the United States at the WTO.
Digital Implementation - The entire RoDTEP process is digital, from application to the issuance of rebates, ensuring transparency, minimal paperwork, and faster processing.
Administering Authority - The scheme is overseen by the Department of Revenue under the Ministry of Finance, with support from the Central Board of Indirect Taxes and Customs (CBIC).
Eligibility Criteria
The RoDTEP scheme covers all sectors involved in the export of goods, provided the goods are manufactured in India. The eligibility includes:
Manufacturer and merchant exporters
Exporters of goods through e-commerce platforms
Exporters from Special Economic Zones (SEZs) and Export-Oriented Units (EOUs)
Advance Authorization (AA) holders
However, goods that are re-exported or imported for re-export purposes are not eligible for RoDTEP benefits.
Refund Mechanism
Under the scheme:
Exporters are reimbursed through a rebate calculated as a percentage of the Freight on Board (FOB) value of their exports.
The reimbursement is provided in the form of electronic transferable duty credit scrips, known as e-scrips.
These e-scrips are maintained in an electronic credit ledger by CBIC and can be used for paying Basic Customs Duty (BCD) during imports or transferred to another eligible importer.
Significance Of Restoration
By restoring RoDTEP benefits to AA holders, EOUs, and SEZs, the government aims to reduce the cost burden on Indian exporters and improve their competitiveness in international markets. This restoration will help sectors facing global competition, particularly those dealing with high logistic and input costs, and it reaffirms the government’s commitment to promoting exports as a key driver of economic growth.
Welcome to Notopedia.com, your free learning platform that caters to the diverse needs of students and aspirants across a spectrum of entrance exams and educational endeavors. Whether you're preparing for highly anticipated exams like CAT, NEET, JEE Main, or bank job vacancies, our platform offers a wealth of resources to guide you towards success. Stay up-to-date with the latest exam dates, announcements, and results for various government recruitment exams, including SSC CGL, CHSL, NDA, and UPSC. Explore comprehensive study materials, sample papers, and exam patterns to hone your skills and boost your confidence. From important dates like CBSE Class 10 and 12 date sheets to exam-specific information like JEE Main application form date, we cover it all. Notopedia.com is your go-to source for everything from admissions and admit cards to scholarships and college information. Whether you're aiming for a career in defense, government, banking, or higher education, our free learning platform equips you with the knowledge and resources you need to excel. Join us in your educational journey and unlock a world of opportunities, guidance, and comprehensive support.
For more Updates and Information - Visit Notopedia's Bulletin Board
For Latest Sarkari Jobs - Visit Notopedia's Sarkari Jobs Section
For access to more than 20,000 Colleges - Visit Notopedia's College Section
For School Studies and Exams Preparation across 14 Boards - Visit Notopedia's School Section
For Comprehensive Preparation of Sarkari Job Exams - Visit Notopedia's Sarkari Exams Section
