Incentive Schemes for Exports from India

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Directorate General of Foreign Trade

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@directorategeneralofforeig3800 8 жыл бұрын

THE ENTIRE TRANSCRIPT OF THIS VIDEO IS AVAILABLE BELOW: Under Chapter 3 for the Foreign Trade Policy there are schemes which provide benefits to exporters of certain goods or services. The objective of the scheme is to reward the exporter to offset the infrastructural inefficiencies and other costs that the exporters face while exporting from India. The reward is equivalent to a percentage of the total export value. This is given to provide the Indian exporter a level playing field in the international market. The rewards are given under 2 schemes: • Merchandize Exports from India Scheme (MEIS) • Service Exports from India Scheme (SEIS) Are you eligible for such benefits? Not all exports are eligible for MEIS benefits. Whether an export item is eligible and what is the percentage of reward is based on the type of item and the country of export. This can be checked on the DGFT website under important links or under appendix 3B of the FTP. MEIS benefits are also given for export of goods through courier or foreign post offices under e-commerce besides the export through standard land, sea and air ports. Similarly, for SEIS only the list of notified services is eligible for benefits. The notification is available on the DGFT website. What are the benefits? Under MEIS the reward given is a percentage of the total value of the export measured in FOB terms. This would range between 2 to 5% usually. FOB stands for Free on Board. By FOB we mean the price of goods at the time of loading at the domestic port and do not include loading, shipment and insurance costs. The rewards are given not in cash but in terms of freely transferrable duty credit Scrips. These Scrips are financial pieces of paper of a stated value which can be used to pay customs duty, excise duty or service tax. Alternatively, if the owner does not require it to pay any tax they can transfer it to another entity. Of course, the other entity would pay you money for that, and therfore, these scrips are almost as good as cash! How to apply? 1. While filing the shipping bill at the time of export the declaration of intent that one wishes to claim benefits under MEIS should be filled. Only then the shipping bill is electronically transferred from the Customs authority to DGFT system. 2. Application for claiming benefits under MEIS should be filed online on the DGFT website using one’s digital signature. The relevant shipping bill and eBRC should be linked with the given online application. 3. In cases where the MEIS benefit is given for only certain countries a proof of landing that the given export consignment landed in the stated country should also be furnished. Attested copy of the bill of entry, tracking report from the goods carrier etc. is accepted as proof of landing. For more details you may read paragraph 3.03 of the handbook of procedures. 4. Once the application is approved duty credit scrip is issued DGFT. The scrip must be registered with a port prior to allowing usage of the duty credit. The port of registration will be the port through which exports were made. Once registered the duty credit can be automatically used at any port of India. Similarly under SEIS, the application for rewards shall be filed online. Unlike MEIS, under SEIS the application is filed once in a year on an annual basis for the entire financial year. Under SEIS, the applicant can choose any port of registration and mention it in the application in the appropriate column. For more details please read through chapter 3 of the foreign trade policy and the handbook of procedures. You may also refer the FAQs on Chapter 3 on DGFT website. For any personal clarification, meet your nearest Niryat Bandhu officer at DGFT office or email.

@moorthya2437 5 жыл бұрын

Could you post meis online application filing demo video