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Business EconomyPosted at: Oct 5 2020 9:35PM


RoDTEP to be replaced with MEIS scheme for exports of goods from India: Int'l Business Consultant

Hyderabad, Oct 5 (UNI) International Business Consultant, SN Panigrahi on Monday mentioned that the new scheme ‘Remission of Duties and Taxes on Exported Products (RoDTEP)’ will be replaced with the existing MEIS scheme for exports of goods from India which aims to reimburse the taxes and duties incurred by exporters.
Briefing on the various schemes under Foreign Trade Policy at the RoDTEP scheme for awareness and Rate Fixation being organised through webinar by the Federation of Telangana Chambers of Commerce and Industry (FTCCI), Panigrahi, who was also the Corporate Trainer and Mentor and Author, said under the new scheme, the exporters will get the refunds in the form of transferable duty credit/electronic scrip, which will be maintained in an electronic ledger. This would ensure that exports are zero-rates, along with refunds such as drawback and IGST.
Chartered Accountant and Masters in Business Finance Strategist, Rishabh Kumar Sawansukha, who presented mainly on agro and food processing industry, informed that they are assisting many export promotion councils in strategizing the whole excercise of RoDTEP, review of consolidated submission and follow up with CBIC.
Simex GST Advisory (P) Ltd Managing Director Vivek Gupta who presented mainly on legal aspects on RoDTEP Scheme at the event, said under the Scheme, an inter-ministerial Committee will determine the rates and items for which the reimbursement of taxes and duties will be provided.
FTCCI President Ramankanth Inani, said “Foreign Trade Policy and other schemes provide promotional measures to boost India’s exports with the objective to offset infrastructural inefficiencies and associated costs involved to provide exporters a level playing field.
RoDTEP is coming in place of MEIS scheme for exports of goods from India, which aims to reimburse the taxes and duties incurred by exporters such as local taxes, coal cess, mandi tax, electricity duties and fuel used for transportation, which are not getting exempted or refunded under any other existing scheme. The rebate would be claimed as a percentage of the Freight On Board (FOB) value of exports, he said this scheme will incentivize exporters at an estimated cost of Rs 50,000 crore to the exchequer.
This scheme will boost Exports to International Markets, at competitive rates and creates employment generation in various sectors and it aims to boost dwindling outward shipments, he added.
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