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Union Cabinet approved the RoDTEP scheme, which is set to replace MEIS (Merchandise Export Incentive Scheme). What does R stand for, in the new RoDTEP scheme?
A)
Remission
B)
Reception
C)
Remuneration
D)
Reduction

Correct Answer : Option (A) - Remission


The Union Cabinet approved the Remission of Duties or Taxes on Export Products (RoDTEP). It is a scheme for exporters to reimburse taxes and duties paid, like value added tax, coal cess and electricity duties which are not exempted or refunded under existing mechanism.
Last year, the RoDTEP scheme was announced by the Finance Minister Nirmala Sitharaman at an estimated cost of Rs 50,000 crore, to incentivise exporters. It will replace the Merchandise Export from India Scheme (MEIS) which will be phased out.

Published On : July 16, 2021
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