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Recently, India has made some significant strides regarding the improvement of export capacities to boost its economy further and consolidate its export position in the international market. Most vital among these are the Merchandise Export Incentive Scheme (MEIS). The product of the scheme has been the incentive mechanism that assisted in building infrastructural inefficiencies, which in turn have helped reduce costs. In this article, we go ahead and dig into the details that have to do with the Merchandise Export Incentive Scheme, its objectives, the benefits that it offers, and how exactly it sits in the broader landscape of export incentives in India.
India introduced the Merchandise Export Incentive Scheme (MEIS) in 2015 under its Foreign Trade Policy to encourage the export of notified goods to notified markets. The scheme aims to raise India’s export competitiveness by providing duty credit scrips to exporters based on their export performance. Exporters can use the issued scrips to pay customs duty on imported goods or transfer them to others.
The primary objectives of the Merchandise Export Incentive Scheme (MEIS) include:
The Merchandise Export Incentive Scheme (MEIS) offers several benefits to exporters:
To qualify for benefits under the Merchandise Export Incentive Scheme (MEIS), exporters must meet certain eligibility criteria:
The application process for availing benefits under MEIS involves several steps:
While the Merchandise Export Incentive Scheme (MEIS) has provided numerous benefits, it has also faced challenges and criticisms:
This development is an integral component of sustained moves to bring India’s present international trade practices to the nearest alignment with international trade norms and yet improve export incentives. By this development, the Indian government has unveiled a replacement for MEIS in a new scheme known as the Rebate of Duties and Taxes on Exported Products, otherwise referred to as RoDTEP. The new scheme aims to provide comprehensive support by recompensing all the duties and taxes paid during production for exports without violating WTO rules.
With the details of the Merchandise Export Incentive Scheme (MEIS) learned and the role it plays in facilitating exports from India, you can now discover these incentives that bring great benefits to your business strategy. Indeed, as the programs mature, so do the eligibility criteria and compliance needs, so stay updated on those along with all the new policies, such as RoDTEP. With such sound leverage of incentives, your competitiveness shall increase in overseas markets while supporting India’s economic growth through increased exports.
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