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Question
Q. Consider the following statements in reference to the Remissions of Duties and Taxes on Exported Products(RoDTEP) scheme
Which of the statements given above is/are correct?
Q. Consider the following statements in reference to the Remissions of Duties and Taxes on Exported Products(RoDTEP) scheme
Which of the statements given above is/are correct?
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Solution
The correct option is A 1 only
Explanation:
- Statement 1 is correct: Remission of Duties or Taxes on Export Product (RoDTEP) was announced to compensate for the non-creditable duty/tax costs (such as Electricity Tax, Stamp duty, Mandi Fee, Tax on fuel, etc.) that are embedded in the export goods. It is an important step for offsetting infrastructural inefficiencies and the associated costs.
- Statement 2 is incorrect: MEIS Scheme, which was replaced by the RoDTEP scheme was an incentive in the form of physical, transferable scrips used for payment of various components of Customs duties. The RoDTEP Scheme on the other hand is an electronic, transferable credit, which can be used for payment of only the Basic Customs Duty.
Explanation:
- Statement 1 is correct: Remission of Duties or Taxes on Export Product (RoDTEP) was announced to compensate for the non-creditable duty/tax costs (such as Electricity Tax, Stamp duty, Mandi Fee, Tax on fuel, etc.) that are embedded in the export goods. It is an important step for offsetting infrastructural inefficiencies and the associated costs.
- Statement 2 is incorrect: MEIS Scheme, which was replaced by the RoDTEP scheme was an incentive in the form of physical, transferable scrips used for payment of various components of Customs duties. The RoDTEP Scheme on the other hand is an electronic, transferable credit, which can be used for payment of only the Basic Customs Duty.
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