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RoDTEP (Remission of Duties and Taxes on Export Products)
Context
Centre has notified the rates and guidelines for Remission of Duties and Taxes on Exported Products (RoDTEP) export incentive scheme.
About
- RoDTEP stands for Remission of Duties and Taxes on Export Products.
- It is formed to replace the existing MEIS (Merchandise Exports from India Scheme).
- The scheme will ensure that the exporters receive the refundson the embedded taxes and duties previously non-recoverable.
- The scheme was brought about with the intention to boost exportswhich were relatively poor in volume previously.
Key Features of the Scheme
- Refund of the previously non-refundable duties and taxes:Mandi tax, VAT, Coal cess, Central Excise duty on fuel etc. will now be refunded under this particular scheme. All the items under the MEIS and the RoSTCL (Rebate of State and Central Taxes and Levies) are now under the purview of the RoDTEP Scheme.
- Automated system of credit:The refund will be issued in the form of transferable electronic scrips. These duty credits will be maintained and tracked through an electronic ledger.
- Quick verification through digitisation:Through the introduction of the digital platform, the clearance happens at a much faster rate. Verification of the records of the exporters will be done with the help of an IT-based risk management system to ensure speed and accuracy of transaction processing.
- Multi-sector scheme:Under RoDTEP, all sectors, including the textiles sector, are covered, so as to ensure uniformity across all areas.
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