MEIS

The policy could throw light on how India may want to be integrated into the global value chain, for which realignment has started, and factors that have affected the integration

In 2021, the economy rebounded strongly from the lows of 2020 thanks in no small measure due to export growth

Under the Served from India Scheme (SEIS), the rates for exports during 2019-20 were notified with certain ceilings and applications were allowed till the allocations lasted

'In my view, registration should not be necessary at all where MEIS is directly transmitted by the DGFT to the Customs', says the author

Exporters of chemicals, pharmaceuticals, steel etc. are unhappy that their products have been left out of the RoDTEP scheme

The industry associations representing these sectors rued that the rates are lower than what companies enjoyed under the now discontinued MEIS scheme

Continuing a positive growth, India's exports grew by 80 per cent to USD 7.04 billion during the first week of this month, according to preliminary data of the commerce ministry.

Exports fell sharper at 8.7% in November from 5.1% in October, as demand remained muted in major overseas markets due to Covid-induced lockdowns

Any registered user under GST who wishes to generate IRN needs to register on e-invoice system using his GSTIN

The ministry has also directed the Directorate General of Foreign Trade (DGFT) to limit issuance of MEIS scrips to Rs 16,000 crore during the current financial year

The RoDTEP scheme was announced by the finance minister in September 2019 to replace the Merchandise Exports from India (MEIS) scheme

Currently, duty benefits are provided under two key trade promotion schemes -- Merchandise Export from India Scheme (MEIS) for goods, and Services Export from India Scheme

Worry over major exporters filing separate export benefit applications through subsidiaries to work around the cap

Benefits will be restricted to Rs 2 crore per exporter from Sep 1 to Dec 31, and may be discontinued from Jan 1, 2021

Profits of Bharat Forge, Bajaj Auto and Balkrishna Industries will also be hit

The government has restricted the allocation for MEIS benefits to Rs 5,000 crore for September-December period. In FY20, the Centre granted Rs 43,500 crore of MEIS benefits

Exporters fume as notification by Commerce Department confirms January 1, 2021 as end date for scheme

The government on Tuesday capped export incentives under the scheme at Rs 2 crore per exporter on outbound shipments made during the period from September 1 to December 31, 2020

Ninety-eight per cent of exporters, especially MSMEs will benefit under MEIS with reward cap of Rs. 2 crore/ Importer Exporter Code from September 1 to December 2020

The transfer of scrips must be recorded on the DGFT website in accordance with DGFT Trade Notice No. 42 dated January 11, 2019