Post-GST rates Notified to boost exports and employment generation in the labour intensive textiles and apparel sector
Following are the highlights of the Mid-Term Review of the Foreign Trade Policy (FTP) 2015-20 released by Commerce and Industry Minister Suresh Prabhu here today:
*Scope of Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) enhanced.
*MEIS incentive raised for ready-made garments and made- ups by 2% (additional annual outgo Rs 2,743 crore).
*Across-the-board increase of 2 per cent in existing MEIS for exports by MSMEs/labour incentive industries (Rs 4,567 crore).
*Annual incentive increased by 34 per cent to Rs 8,450 crore.
*SEIS incentives raised by 2 per cent with a view to boosting services sector exports (Rs 1,140 crore).
*Validity of Duty Credit Scrips increased from 18 months to 24 months to enhance their utility in GST framework.
*To focus on improving ease of trading across borders for exporters and importers.
*Professional team to handhold, assist and support exporters in accessing markets, meeting regulatory norms.
*New Logistics Division to promote integrated development of the logistics sector.
*State-of-the-art trade analytics division in DGFT for data-based policy actions.
*New agricultural exports policy to focus on increasing exports of value-added agri products.
*New Services Division in DGFT to examine Exim policies and procedures to push services exports.
*Supplies of goods and services to SEZs to be treated as zero rated under GST.
*Import of second hand goods for repair/refurbishing/re- conditioning/re-engineering made free.
*Increase focus on exploring new markets and products, raising share in traditional markets and products.
*Promotion of exports by MSMEs and labour intensive sectors to increase employment opportunities for youth.
*To enhance participation of Indian industry in global value chains.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)