MEIS Scheme vs RoDTEP Scheme
Criteria |
MEIS |
RoDTEP |
Introduction Year | 2015 | 2021 |
Full Form | Merchandise Export from India Scheme | Remission of Duties and Taxes on Exported Products |
Objective | To promote exports of goods from India and to provide incentives to Indian exporters. | To provide a refund of various taxes and duties incurred by exporters at the central, state, and local levels. |
Benefit | Duty credit scrips that can be used to pay for customs duty on imported goods or can be sold in the market for cash. | Refund of various taxes and duties incurred by exporters. |
Issued Form | Issued in the form of physical transferable scrips. | Issued in the form of transferable duty credit or electronic scrips which will be maintained via an electronic ledger. |
Remission Of Duties And Taxes On Exported Products (RODTEP) Scheme
RoDTEP stands for Remission of Duties and Taxes on Export Products. This is a new scheme that has come into effect from 1 January 2021. The scheme is designed to replace the existing MEIS (Merchandise Export from India) scheme. The scheme will ensure that exporters get refunds on embedded taxes and duties which were earlier non-recoverable. This scheme was brought with the objective of promoting exports that were relatively less in quantity earlier.