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What is the News?
The Government of India has announced that it would clear all dues of exporters under various export promotion schemes.
What are the various export promotion schemes under which dues will be cleared?
About Merchandise Exports from India Scheme (MEIS)
Note: RoDTEP scheme which came into effect on January 1st, 2021 has replaced the Merchandise Export from India Scheme(MEIS).
About Remission of Duties and Taxes on Exported Products (RoDTEP) scheme
About Service Exports from India Scheme(SEIS)
The SEIS Scheme was rolled out as a part of the foreign trade policy 2015-2020.
Under the scheme, service exporters for eligible service categories, are granted benefits in the nature of transferable Duty Credit Scrips as a percentage of Net Foreign Exchange earned on the export of the eligible services in a financial year. The Duty Credit Scrips can be used in the Payment of Basic Customs duties and certain other duties.
Note: The SEIS scheme for 2019-20 is yet to be notified, and inordinate delay in notifying the scheme has dampened the spirits of the services sector.
About Rebate of State and Central Taxes and Levies (RoSCTL) for textiles:
It was launched by the Ministry of Textiles in 2019. The scheme covers exports of made-up articles & garments.
Under this scheme, the exporters are issued a Duty Credit Scrip for the value of embedded taxes and levies contained in the exported product. Exporters can use this scrip to pay basic Customs duty for the import of equipment, machinery or any other input.
Source: This post is based on the article “Government Provides Big Boost to Exporters” published in PIB on 9th September 2021.