India extends validity of incentive scrips for exporters
03 Jun 20 1 min read
India recently extended the validity of scrips, or certificates provided under export incentive schemes, which are expiring between March 1 and June 30 this year, till September 30, the Directorate General of Foreign Trade (DGFT) said in a public notice.
The Foreign Trade Policy provides tax incentives for goods and services under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS).
Depending on the nature of services and product, the government gives duty credit scrips or certificates to exporters. These scrips can be transferred or used for payment of a number of duties including the basic customs duty.
"Relaxation has been provided for applicable late cuts for SEIS/MEIS applications and the validity of scrips issued under Chapter 3 of FTP which are expiring between March 1 and June 30 this year has been extended up to September 30 this year," the notice said.
The Foreign Trade Policy provides tax incentives for goods and services under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS).
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Depending on the nature of services and product, the government gives duty credit scrips or certificates to exporters. These scrips can be transferred or used for payment of a number of duties including the basic customs duty.
"Relaxation has been provided for applicable late cuts for SEIS/MEIS applications and the validity of scrips issued under Chapter 3 of FTP which are expiring between March 1 and June 30 this year has been extended up to September 30 this year," the notice said.
Fibre2Fashion News Desk (DS)
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