Current Affairs - Economy - Discussion

Discussion :: Economy - Latest Current Affairs (Q.No.40)

40. 

Name the new tax refund Scheme, which will replace Merchandise Exports from India Scheme (MEIS).

[A]. Remission of Exports from India Scheme (RoEIS)
[B]. Remission of Taxes on Export Product (RoTEP)
[C]. Remission of Duties or Taxes on Export Product (RoDTEP)
[D]. Remission of Export Product (RoEP)

Answer: Option C

Explanation:

Scheme for Remission of Duties or Taxes on Export Product (RoDTEP) will replace Merchandise Exports from India Scheme (MEIS). It will come into effect from January 1, 2020.Existing dispensation in textiles of MEIS + old Rebate of State Levies (RoSL) will continue up to 31.12.2019. Textiles and all other sectors which currently enjoy incentives upto 2% over MEIS will transit into RODTEP from January 1, 2020.In effect, RODTEP will more than adequately incentivize exporters than existing schemes put together.

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