Exporters hail continuance of 4 per cent MEIS beyond June

Tirupur Exporters Association (TEA) today hailed the Centre's announcement to continue the four per cent MEIS (Merchandize Export from India Scheme) beyond June 30, saying it will be a major relief to the exporting units that used to take orders six months back normally.

In a statement, TEA president, Raja M Shanmugham said as per earlier public notices from Directorate General Of Foreign Trade (DGFT) the MEIS rate four per cent shall be valid from November 1, 2017 to June 30 2018.

Considering the requisition by TEA, the DGFT has now issued a public notice stating that the four per cent MEIS will be continued beyond June 30, which was a major relief to the exporting units, he said.

"We have been requesting the central government to extend the validity period as the exporting units are struggling to sustain further to reduction of Duty Drawback Rate and Rebate on State Levies (ROSL) after implementation of GST and also delay in getting GST refund," he said.

"It was also emphasised personally for continuance of this lifeline support during the meeting with Ministers, Textile Secretary and other higher officials, Shanmugham pointed out.