{"id":2917,"date":"2021-01-02T11:48:25","date_gmt":"2021-01-02T06:18:25","guid":{"rendered":"https:\/\/www.classiciasacademy.com\/blog\/?p=2917"},"modified":"2021-01-02T11:48:25","modified_gmt":"2021-01-02T06:18:25","slug":"tax-refund-scheme-for-all-export-goods","status":"publish","type":"post","link":"https:\/\/www.classiciasacademy.com\/blog\/tax-refund-scheme-for-all-export-goods\/","title":{"rendered":"Tax Refund Scheme for all Export Goods"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">In News<\/h3>\n\n\n\n<p>The Union Government had extended the benefits of the <strong>RoDTEP<\/strong> scheme to all export\ngoods which is expected to boost exports from the country.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">In-Detail<\/h3>\n\n\n\n<ul><li>From January 1, 2021, the government will extend the benefits of the <strong>Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods.<\/strong><\/li><li>The <strong>Ministry of Finance<\/strong> stated that the rates under this scheme are applicable from this date to all eligible export goods irrespective of the date of notification.<\/li><li>The government\u2019s decision to extend the benefits would boost exports.<\/li><li><strong>Initially, the scheme was extended to only three sectors with limited resources.<\/strong><\/li><li><strong>The Department of Commerce will notify the rates of the scheme based on the recommendation of a committee constituted for the purpose.<\/strong><\/li><li>An exporter can use the benefits of the RoDTEP scheme is required to declare his intention for each export item in the shipping bill or bill of exports.<\/li><li>The RoDTEP will be allowed to specified conditions, exclusions, ineligibilities, non-fulfillment of requirements, and restrictions as will be notified by the MInistry of Finance.<\/li><li><strong>This scheme replaced the Merchandise Export from India Scheme (MEIS) last year.<\/strong><\/li><li>This is because MEIS was not up to the rules of the World Trade Organisation.<\/li><li>When the US complained, a dispute settlement panel ruled against India\u2019s use of MEIS.<\/li><li>It showed that the duty credit scrips awarded under the scheme to be inconsistent with the WTO norms.<\/li><li><strong>Under the RoDTEP scheme, a refund will be made on the exporters at the central, state, and local duties or taxes that were not being rebated or refunded.<\/strong><\/li><li>The exporter will get the refund credited to the ledger account that is with the customs department. <\/li><li>The exporter can use the credited refund to pay Basic Customs duty on imported goods.<\/li><li>The credits under this scheme can also be transferred to other importers.<\/li><li>Due to the resource crunch, the notification of rates may delay.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion <\/h3>\n\n\n\n<p>The move to extend\nRoDTEP Scheme to all export goods comes at a time the country is recovering\nfrom one of the worst economic downturns in the recent past. It will give\nimmense confidence to businesses to start producing export-oriented goods. But,\nit remains to be seen whether we can see a spike in exports as a majority of\nthe nations are still reeling under the COVID-19 pandemic and their economies\nare yet to take flight. <\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>In News The Union Government had extended the benefits of the RoDTEP scheme to all export goods which is expected to boost exports from the <a class=\"mh-excerpt-more\" href=\"https:\/\/www.classiciasacademy.com\/blog\/tax-refund-scheme-for-all-export-goods\/\" title=\"Tax Refund Scheme for all Export Goods\">    [read more]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":2918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[98],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - 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