Foreign Trade Policy and Other Services

Foreign Trade Policy and Other Services

Director-General of Foreign Trade (DGFT) is the main governing body in matters related to EXIM Policy of India. The main objectives of the Foreign Trade Development and Regulation Act is to provide the facilitating of imports and augmenting of exports from India.

The Foreign Trade Policy (FTP) 2015-20 was unveiled by Ms Nirmala Sitharaman, Minister of State for Commerce & Industry (Independent Charge), Government of India on April 1, 2015.

F.T.P 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in line with the ‘Make in India’ programme.

They policy aims to enable India to respond to the challenges of the external environment, keeping in step with a rapidly evolving international trading architecture and make trade a major contributor to the country’s economic growth and development.

How Taxpert Professionals can assist you?

  • Setting up and exit of units under 100% Export Oriented Scheme (EOU), Special Economic Zone (SEZ) and Free Trade Warehousing Zone units, etc.
  • Availability of Duty Drawback on export of goods or services. Assistance in availing various export incentives like Advance Authorization, EPCG Authorization, Merchandise Exports from India Scheme, Service Exports from India Scheme, and various other schemes notified under Foreign Trade Policy.
  • Advice on compliances under various regulatory laws like Environment (Protection) Act; Telegraph Act; Legal Metrology Act; Narcotics Drugs and Psychotropic Substances Act; Information Technology Act; Bureau of Indian Standards; Manufacture, Storage and Import of Hazardous Chemical Rules; etc., in relation to export/ import of goods and services.
  • Obtaining Registrations –cum-membership certificate; Importer Exporter Code | Registration with ATA Carnet Authority.

Below mentioned are the specific schemes available under FTP 2015-20.

Merchandise Exports from India Scheme (MEIS)

MEIS was launched under the Foreign Trade Policy of India (FTP) 2015-20. It is one of the two schemes introduced in FP 2015-20, as part of Exports from India schemes.

The objective of MEIS is to offset infrastructural inefficiencies and associated costs involved in the export of goods and products, which are produced and manufactured in India. It also seeks to enhance India’s export competitiveness of these goods and products having high export intensity, employment potential. Under this scheme, Ministry of Commerce gives duty benefits to several products. It provides duty benefits at 2%, 3% and 5% depending upon the product and country.

How Taxpert Professionals can assist you?

  • Assisting in ascertaining the eligibility for the scheme;
  • Obtaining Merchandise Exports from India scheme certificate;
  • Assisting in ensuring the compliance and other obligation as required under the scheme;
  • Redemption Merchandise Exports from India scheme.

Services exports from India schemes (SEIS)

Service Exports from India Scheme (SEIS) aims to promote export of services from India by providing duty scrip credit for eligible exports. Under the scheme, service providers, located in India, would be rewarded under the SEIS scheme, for all eligible export of services from India.

Service Providers of notified services, located in India are eligible for the Service Exports from India Scheme. To be eligible, a service provider (Company / LLP / Partnership Firm) should have minimum net free foreign exchange earnings of USD 15,000/- in the preceding financial year to be eligible for duty credit scrips. For proprietorships or individual service providers, minimum net foreign exchange earnings of USD 10,000/- in the preceding financial year is required to be eligible for the scheme. Also, in order to claim reward under the SEIS scheme, the service provider shall have to have an active Import Export Code (IE Code) at the time of rendering such services for which rewards are claimed.

How Taxpert Professionals can assist you?

  • Assisting in ascertaining the eligibility for the scheme;
  • Obtaining Services exports from India schemes certificate;
  • Assisting in ensuring the compliance and other obligation as required under the scheme;
  • Redemption Obtaining Services exports from India schemes.

Advance authorisation Scheme

An Advance Authorization is issued to allow duty free import of inputs, which are physically incorporated in export product (making normal allowance for wastage). In addition, fuel, oil, energy, catalysts which are consumed / utilized to obtain export product, may also be allowed. DGFT, by means of Public Notice, may exclude any product(s) from purview of Advance Authorization. Duty free import of mandatory spares up to 10% of CIF value of Authorization which are required to be exported / supplied with the resultant products are allowed under Advance Authorization. Advance Authorizations are issued for inputs and export items given under SION. These can also be issued on the basis of Ad hoc norms or self-declared norms.

How Taxpert Professionals can assist you?

  • Assisting in ascertaining the eligibility for the scheme;
  • Obtaining Advance Authorization;
  • Assisting in ensuring the compliance and other obligation as required under the scheme;
  • Redemption of Advance Authorization.

Exports Promotion Capital Goods (EPCG)

Export Promotion Capital Goods (EPCG) Scheme helps facilitate import of capital goods into India for producing quality goods and service and to enhance India’s export competitiveness. EPCG scheme allows for import of capital goods used in pre-production, production and post-production at zero customs duty.

How can Taxpert assist you?

  • Assisting in ascertaining the eligibility for the scheme;
  • Obtaining Exports Promotion Capital Goods (EPCG) authorization certificate;
  • Assisting in ensuring the compliance and other obligation as required under the scheme;
  • EPCG authorization redemption.

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