Economics
In News: RoDTEP Scheme gets extended to Chemicals, Pharmaceuticals and Articles of Iron & Steel under chapters 28, 29, 30 and 73 of ITC(HS) schedule of items.
About the scheme:
- RoDTEP stands for Remission of Duties and Taxes on Export Products.
- The scheme is being implemented from 1st January 2021
- It replaced MEIS (Merchandise Exports from India Scheme).
- RoDTEP is based on the globally accepted principle that taxes and duties should not be exported, and taxes and levies borne on the exported products should be either exempted or remitted to exporters.
- The RoDTEP scheme rebates/refunds the embedded Central, State and local duties/taxes to the exporters that were so far not being rebated/refunded.
- The rebate is issued as a transferable electronic scrip by the Central Board of Indirect Taxes & Customs (CBIC) in an end-to-end IT environment.
- Quick verification through digitisation – 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.
- The ICEGATE portal (Indian Customs Electronic Gateway) will contain the details regarding the credits availed by the exporter.
Aim:
- to boost exports which were relatively poor in volume previously.
- to support domestic industry and make it more competitive in the international markets.
- Export centric industries are being reformed and introduced to better mechanisms to increase their competitiveness, boost exports, generate employment and contribute to the overall economy.
- Achieving our vision of building an Aatmanirbhar Bharat.
Source PIB
