Wait...
  1. Home >
  2. Export Import News >
  3. Export News >
  4. Commerce ministry working on new export incentive scheme >
  5. Commerce ministry working on new export incentive scheme

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Commerce ministry working on new export incentive scheme.


Date: 18-10-2018
Subject: Commerce ministry working on new export incentive scheme
The commerce ministry is working on a new World Trade Organisation (WTO)-compliant export incentive scheme for merchandise shipments to replace the existing MEIS, an official said.

Currently, exporters of goods avail incentives under the Merchandise Exports from India Scheme (MEIS). In this, the government provides duty benefits depending on product and country.

"The work is going on for the drafting of the new scheme, which will replace the existing MEIS. It will be finalised soon. It could be named as rebate of levies," the official said.

The WTO is a Geneva-based 164 member body which frames rules and norms for global exports and imports. India is a member of this multi-lateral body since January 1, 1995.

The formulation of the new export incentive scheme also assumes significance as the US has dragged India to the WTO's dispute settlement mechanism over export subsidies, saying that these incentives were harming American companies.

The US has challenged India's export subsidy programmes such as MEIS in the WTO, asserting that these initiatives harm its companies by creating an uneven playing field.

Other export benefit programmes including Export Oriented Units Scheme, Electronics Hardware Technology Parks Scheme; Special Economic Zones; Export Promotion Capital Goods Scheme; and duty free imports have been challenged by the US.

According to Federation of Indian Export Organisations (FIEO), the new scheme should include refund of indirect taxes like on oil and power; state levies such as 'mandi' tax and embedded tax.

"The new scheme would help boost the country's exports," FIEO President Ganesh Gupta said.

India's exports entered the negative zone after five months, contracting 2.15 per cent in September to USD 27.95 billion even though the trade deficit narrowed to a five-month low of about USD 14 billion.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 13-12-2019
Notification No. 68/2019 – Central Tax
Seeks to carry out changes in the CGST Rules, 2017.

Date: 13-12-2019
Notification No. 69/2019 – Central Tax
Seeks to notify the common portal for the purpose of e-invoice.

Date: 13-12-2019
Notification No. 70/2019 – Central Tax
Seeks to notify the class of registered person required to issue e-invoice.

Date: 13-12-2019
Notification No. 71/2019 – Central Tax
Seeks to give effect to the provisions of rule 46 of the CGST Rules, 2017.

Date: 13-12-2019
Notification No. 72/2019 – Central Tax
Seeks to notify the class of registered person required to issue invoice having QR Code.

Date: 13-12-2019
Notification No. 90/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg.

Date: 12-12-2019
TRADE NOTICE No. 41/2019-20
Online filling and Issuance of Preferential Certificate of Origin under SAFTA and SAPTA for India's Exports to Nepal w.e.f. 18th December 2019

Date: 12-12-2019
Notification No. 35/2015-2020
Amendment in Para 2.25 of Foreign Trade Policy, 2015-20.

Date: 12-12-2019
Notification No. 63/2019 – Central Tax
Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the months of July, 2019 to September, 2019

Date: 12-12-2019
Notification No. 64/2019 – Central Tax
Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the month of October, 2019.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001