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Regarding the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), consider the following statements:
1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.
2. The refund will be credited to the exporter's Customs ledger account and used to pay the basic customs duty on the goods imported.
1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.
2. The refund will be credited to the exporter's Customs ledger account and used to pay the basic customs duty on the goods imported.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Regarding the scheme for Remission of Duties and Taxes on Exported Pro...
Government has decided to extend the benefit of the Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods to boost export.
- The scheme will refund to exporters the embedded Central, State, and local taxes that were not given rebate or refunded.
- The refund will be credited in the exporter's ledger account with Customs and used to pay Basic Customs duty on imported goods. The credits can also be transferred to other importers.
- The RoDTEP rates will be notified shortly by the Department of Commerce, based on the recommendation of a committee chaired by former Commerce and Home Secretary Dr G.K. Pillai. The final report of the Committee is expected shortly.
Most Upvoted Answer
Regarding the scheme for Remission of Duties and Taxes on Exported Pro...
Overview of RoDTEP Scheme
The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme is designed to boost the Indian export sector by refunding certain taxes and duties to exporters.
Statement 1: Reimbursement of Embedded Taxes
- The scheme specifically reimburses exporters for embedded central, state, and local taxes that have not been refunded or deducted previously.
- This aims to ensure that exporters are not burdened by taxes that are not recoverable, thus making Indian products more competitive in global markets.
Statement 2: Refund Credited to Customs Ledger
- The refund provided under this scheme is credited to the exporter’s Customs ledger account.
- This amount can be utilized to offset the basic customs duty on goods that the exporters import in the future.
- This feature enhances liquidity for exporters, allowing them to reinvest in their businesses more effectively.
Conclusion
Both statements accurately describe the RoDTEP scheme:
- Statement 1 focuses on the reimbursement of taxes that exporters have borne but were not eligible for refund.
- Statement 2 explains the mechanism of crediting the refund to the exporters' Customs ledger, which can be used against future customs duties.
Thus, the correct answer is option 'C': Both statements are correct.
The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme is designed to boost the Indian export sector by refunding certain taxes and duties to exporters.
Statement 1: Reimbursement of Embedded Taxes
- The scheme specifically reimburses exporters for embedded central, state, and local taxes that have not been refunded or deducted previously.
- This aims to ensure that exporters are not burdened by taxes that are not recoverable, thus making Indian products more competitive in global markets.
Statement 2: Refund Credited to Customs Ledger
- The refund provided under this scheme is credited to the exporter’s Customs ledger account.
- This amount can be utilized to offset the basic customs duty on goods that the exporters import in the future.
- This feature enhances liquidity for exporters, allowing them to reinvest in their businesses more effectively.
Conclusion
Both statements accurately describe the RoDTEP scheme:
- Statement 1 focuses on the reimbursement of taxes that exporters have borne but were not eligible for refund.
- Statement 2 explains the mechanism of crediting the refund to the exporters' Customs ledger, which can be used against future customs duties.
Thus, the correct answer is option 'C': Both statements are correct.
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Regarding the scheme for Remission of Duties and Taxes on Exported Pro...
Government has decided to extend the benefit of the Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods to boost export.
- The scheme will refund to exporters the embedded Central, State, and local taxes that were not given rebate or refunded.
- The refund will be credited in the exporter's ledger account with Customs and used to pay Basic Customs duty on imported goods. The credits can also be transferred to other importers.
- The RoDTEP rates will be notified shortly by the Department of Commerce, based on the recommendation of a committee chaired by former Commerce and Home Secretary Dr G.K. Pillai. The final report of the Committee is expected shortly.
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Regarding the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), consider the following statements:1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.2. The refund will be credited to the exporters Customs ledger account and used to pay the basic customs duty on the goods imported.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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Regarding the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), consider the following statements:1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.2. The refund will be credited to the exporters Customs ledger account and used to pay the basic customs duty on the goods imported.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2025 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Regarding the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), consider the following statements:1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.2. The refund will be credited to the exporters Customs ledger account and used to pay the basic customs duty on the goods imported.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Regarding the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), consider the following statements:1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.2. The refund will be credited to the exporters Customs ledger account and used to pay the basic customs duty on the goods imported.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Regarding the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), consider the following statements:1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.2. The refund will be credited to the exporters Customs ledger account and used to pay the basic customs duty on the goods imported.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2025 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Regarding the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), consider the following statements:1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.2. The refund will be credited to the exporters Customs ledger account and used to pay the basic customs duty on the goods imported.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Regarding the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), consider the following statements:1. The scheme will reimburse exporters with embedded central, state and local taxes that have not been discounted or reimbursed so far.2. The refund will be credited to the exporters Customs ledger account and used to pay the basic customs duty on the goods imported.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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