Current context: The Finance Ministry has announced a set of measures to boost exports and housing sector.
a. scheme for Reduction of Duties or Taxes on Export Product (RoDTEP)
b. scheme for Remission of Duties or Taxes on Export Product (RoDTEP)
c. scheme for Removal of Duties or Taxes on Export Product (RoDTEP)
d. scheme for Re-examination of Duties or Taxes on Export Product (RoDTEP)
- The measures worth Rs 70,000 crore and the key highlights of the initiatives taken are:
- To provide a 10,000 crore rupees special window to help complete the ongoing affordable and middle-income housing projects.
- The housing projects under the special window include non-NPA (Non-Performing Assets) and non-NCLT (National Company Law Tribunal) projects.
- Extending the scheme of reimbursement of taxes and duties for export promotion.
- Fully automated electronic refund for Input Tax Credits (ITC) in GST.
- Revised priority sector lending norms for exports.
- Expanding the scope of Export Credit Insurance Scheme (ECIS).
- Formation of an inter-ministerial working group to monitor export finance.
- Merchandise Exports from India Scheme (MEIS) for textiles will be replaced by the scheme for Remission of Duties or Taxes on Export Product (RoDTEP).
- Textile and all other sectors will transit into RoDTEP from January 1, 2020, which currently enjoy incentives up to 2 per cent over MEIS.
- The Export Credit Guarantee Corporation (ECGC) scope will be expanded to export credit insurance service (ECIS).
Question:
Q.1 The Government has recently decided to replace the Merchandise Exports from India Scheme (MEIS) for textiles with?a. scheme for Reduction of Duties or Taxes on Export Product (RoDTEP)
b. scheme for Remission of Duties or Taxes on Export Product (RoDTEP)
c. scheme for Removal of Duties or Taxes on Export Product (RoDTEP)
d. scheme for Re-examination of Duties or Taxes on Export Product (RoDTEP)
