RoDTEP, or Remission of Duties and Taxes on Exported Products, is a new scheme introduced by the Indian government to replace the existing Merchandise Exports from India Scheme (MEIS). It aims to provide a level playing field to exporters by reimbursing the taxes and duties incurred by them in the production and distribution of exported goods. RoDTEP covers a wide range of products and applies to all exporters, including small and medium enterprises (SMEs). The scheme has been designed to enhance the competitiveness of Indian exporters in the global market and promote the growth of the country's exports.
What is RoDTEP Scheme?
RoDTEP Scheme stands for Remission of Duties and Taxes on Exported Products. It is a new scheme launched by the Government of India to replace the existing Merchandise Export from India Scheme (MEIS), which must be found to be compliant with global trade rules.
Under the RoDTEP scheme, exporters will be reimbursed for various duties and taxes not currently being refunded, such as state and central taxes, electricity duties, fuel used in transportation, and more. This will help make Indian exports more competitive in global markets by reducing the overall cost of exporting.
The RoDTEP scheme is expected to come into effect on 1 January 2021. It will be available to all eligible exporters in the country. It is expected to provide significant relief to exporters facing financial challenges due to the COVID-19 pandemic. It will help boost India's overall exports.