Govt extends MEIS export benefits to certain handicraft products

Over 35 handicarft products such as candles, paper and clay articles would be entitled for export benefits under a scheme.

According to a public notice of the directorate general of foreign trade, these benefits are provided under merchandise Export from India Scheme (MEIS).

Under this scheme, the government provides duty credit scrip to exporters. The rates vary from product to product and and the export destination, as envisaged in the foreign trade policy.

Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty.

"Some MEIS enteries...under the handicraft sector are included for enhanced benefits under MEIS for the exports made in the period November 2017 to June this year," the directorate said.

These goods would get MEIS benefits at the rate of 7 per cent.

These benefits assume significance as the sector employs a very large number of people.