Consider the following statements regarding RoDTEP scheme. The RoDTEP scheme provides exporters with refunds for taxes, duties, and levies incurred during the manufacturing and distribution of goods. The Merchandise Exports from India Scheme(MEIS) replaced the RoDTEP scheme.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?

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Consider the following statements regarding RoDTEP scheme.

The RoDTEP scheme provides exporters with refunds for taxes, duties, and levies incurred during the manufacturing and distribution of goods.
The Merchandise Exports from India Scheme(MEIS) replaced the RoDTEP scheme.

Which of the above statements is/are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'A'. Can you explain this answer?

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Consider the following statements regarding RoDTEP scheme. The RoDTEP ...

The Indian government has announced the extension of export benefits under the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) for an additional year, until June 2024.
The RoDTEP scheme provides exporters with refunds for taxes, duties, and levies incurred during the manufacturing and distribution of goods, which are not reimbursed through other mechanisms at the central, state, or local levels.
This move is expected to assist the exporting community in negotiating international export contracts under the current global economic conditions.
The RoDTEP scheme replaced the Merchandise Exports from India Scheme (MEIS), which concluded the previous year.

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Consider the following statements regarding RoDTEP scheme. The RoDTEP ...

Explanation:

1. RoDTEP Scheme:
- The RoDTEP (Remission of Duties and Taxes on Exported Products) scheme was introduced to provide exporters with refunds for taxes, duties, and levies incurred during the manufacturing and distribution of goods.
- The scheme aims to make Indian products more competitive in the global market by reimbursing various taxes and duties that are not refunded under existing schemes like GST.

2. MEIS Scheme:
- The Merchandise Exports from India Scheme (MEIS) was introduced to promote exports by providing exporters with incentives in the form of duty credit scrips.
- The MEIS scheme replaced the earlier schemes like the Focus Product Scheme and the Market Linked Focus Product Scheme to simplify the process of claiming incentives.

Correct Answer: Option 'A' - 1 only
- The first statement is correct as it accurately describes the benefits of the RoDTEP scheme.
- The second statement is incorrect as the MEIS scheme did not replace the RoDTEP scheme; instead, it replaced other export promotion schemes.

Therefore, only statement 1 is correct, and the correct answer is option 'A'.

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Consider the following statements regarding RoDTEP scheme. The RoDTEP scheme provides exporters with refunds for taxes, duties, and levies incurred during the manufacturing and distribution of goods. The Merchandise Exports from India Scheme(MEIS) replaced the RoDTEP scheme.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?

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