Friday, Apr 19, 2024 | Last Update : 06:49 AM IST
Commerce Ministry eases process for export incentives under MEIS scheme
Under Merchandise Exports from India Scheme, the govt provides duty benefits depending on the product and country.
New Delhi: The commerce ministry's foreign trade arm DGFT has simplified the procedure for traders to avail export incentives under the MEIS scheme, a move aimed at promoting ease of doing business for exporters.
Under Merchandise Exports from India Scheme (MEIS), the government provides duty benefits depending on the product and country. The Directorate General of Foreign Trade (DGFT) will start the process of system driven approval of the MEIS claim applications from tomorrow in respect of exports made through EDI (electronic data interface) shipping bills.
The move will enable automatic approval of claims made by exporters to avail incentives under this scheme and the new process is allowed through electronic data interchange ports.
"Under the new system -- E com Module for MEIS, regional authorities will not check the MEIS applications. It will be automatically approved. DGFT officials will have to just attest the print and the duty credit scrips," a government official said.
Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip or certificate can be transferred or used for payment of a number of duties, including the basic customs duty. "This will reduce time, effort and lead to faster claim approval," the official said.
The directorate has been on regular basis taking measures to simplify the implementation process of the foreign trade policy schemes by establishing processes, which are smooth, free from manual interface and are quick and efficient.
In a notice the DGFT said: "In line with the government's motto of facilitating the ease of doing business, this directorate would start the process of system driven approval of the MEIS claim applications".
The country's exports grew by about 10 per cent to USD 303 billion in 2017-18. Since 2011-12, India's exports have been hovering at around USD 300 billion. Promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange.
