The RODTEP scheme in India stands for “Remission of Duties and Taxes on Exported Products.” It is a government initiative introduced to support and incentivize Indian exporters. Here are key points about the RODTEP scheme:
- Objective: The primary goal of RODTEP is to neutralize the taxes and duties suffered by exported goods that were previously not credited or remitted.
- Replacement of MEIS: RODTEP replaced the Merchandise Exports from India Scheme (MEIS), offering relief to exporters, especially small and medium-sized enterprises (SMEs), through refunds.
- Global Compliance: RODTEP is WTO-compliant and aligns with the global principle that taxes and duties should not be exported but either exempted or refunded within the country.
- Refund of Duties and Taxes: Under this scheme, exporters can receive refunds of embedded central, state, and local duties or taxes that were not previously refunded through other schemes.
- Commerce Ministry Initiative: RODTEP is a flagship export promotion scheme led by the Commerce Ministry of India.
The RODTEP scheme plays a crucial role in promoting exports from India by reducing the financial burden on exporters and making Indian products more competitive in the global market. It aims to boost the country’s economic growth and create opportunities for businesses engaged in international trade.
Sources
- cip.icegate.gov.in – FAQs on RoDTEP Scheme
- cleartax.in – RoDTEP Scheme: Full Form, Rates, Guidelines, Eligibility
- cip.icegate.gov.in – INTRODUCTION: – Icegate
- indiantradeportal.in – RoDTEP SCHEME – Indian Trade Portal
- businessgo.hsbc.com – RoDTEP Scheme: Benefits, Requirements, and Full Form
- business-standard.com – What is RoDTEP Scheme? – Details, Features, Benefits
- afleo.com – RoDTEP Scheme | Benefit Rate List, Procedure & Latest…
- msmex.in – What is RoDTEP Scheme? Its 4 Benefits & Requirements for…
- economictimes.com – From key features and eligibility to major differences between…
