CURRENT AFFAIRS

Detailed explanation-1: -The scheme is being implemented from 1st January 2021 and 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.

Detailed explanation-2: -RoDTEP stands for Remission of Duties and Taxes on Export Products. It is a new scheme that is applicable with effect from January 1st, 2021, formed to replace the existing MEIS (Merchandise Exports from India Scheme).

Detailed explanation-3: -The scheme Remission of Duties on Extort and Taxes was introduced on 1st Jan 2021 which is applicable to export products of countries. With the introduction of the RoDTEP scheme, it is expected that the taxes on export products will be reduced and a major boost will be provided to the Indian export sector.

Detailed explanation-4: -Ajay Sahai, DG and CEO, FIEO said that the extension of the validity of RoDTEP and RoSCTL scrips from 1 year to 2 years will help the trade.

Detailed explanation-5: -The RoDTEP scheme has been notified by DoC on 17th August, 2021 vide Notification No. 19/2015- 2020 dated 17.08. 2021 along with Annexure 4R containing RoDTEP rates and caps.