Export Incentives

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measures to boost exports
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CA. Kapil Mittal

Measures to Boost Exports | Part 2 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 14 September 2019 In order to address the concerns raised by global as well as domestic investors and provide assurance to the Industry at large on the Government’s commitment to steering the economy to growth, the Hon’ble Finance Minister Smt. Nirmala Sitharaman (‘FM’) has been holding Press conferences announcing various interim measures and relief in the nature of clarifications on existing concerns, prospective policy changes, proposed amendments in law and commitments for additional fiscal support by the Government. The Hon’ble FM has made detailed ‘corporate style presentations’

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revised shipping bill format
Export Incentives
CA. Sachin Jindal

Revised formats for Shipping Bill

Every exporter has to undergo and comply with certain administrative and compliance requirements at the time of export of goods from India to another country.  The requirements include submission of applications, acquire licenses, furnish certificates/ bonds, payment of taxes/ duties, valuation of goods etc. One of the critical and important ingredient in the whole process is the ‘Shipping Bill’. Shipping Bill is a statistical and documentary evidence of exporting goods from India, which also certified by the Customs authorities. The Shipping Bill is also an important document for other compliances and actions like realisation of export proceeds, application for tax

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All about IEC Code
Export Incentives
CA. Sachin Jindal

All about Import Export Code | IEC CODE

Importer Exporter Code (‘IEC’) is a unique 10 digit code issued by the Director General of Foreign Trade (‘DGFT’) of the Ministry of Commerce under the Government of India. Import Export Code (IEC) is the unique identifier for all international trade transactions undertaken by India. Import Export Code (IEC) is a registration required for persons importing or exporting goods and services from India. Import Export Code (IEC) is issued only to Indian entities and individuals in order to enable them undertake International Trade.  As per the Foreign Trade Policy, Import Export Code (IEC) Registration is mandatory for all import/ export

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Incentives to Exporters (2)
Export Incentives
CA. Kapil Mittal

Export Incentives in India | Incentives for Exporters

As a developing economy, India relies significantly on foreign exchange inflows to simulate growth, sustain imbalances and meet its economic and social objectives. Export promotion has always been one of the top priorities for the Government of India. Several export promotion programs have been introduced from time to time with a special focus on the Indian MSME sector. The export promotion programs are in the form of granting incentives to exporters, concessional tax rates, exemption from input taxes etc. Some of the export incentives in India currently in force are: Concessional Tax Rates for Merchant Exporters Exemption for Ocean Freight

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All About Duty Credit Scrips
Export Incentives
CA. Kapil Mittal

All about Duty Credit Scrips (DCS)

Duty Credit Scrip (‘DCS’) is one of the export promotional benefit provided by the Government of India to the Indian exporters. The DCS benefit to exporters facilitates exports and fosters foreign exchange inflows into India. The Foreign trade Policy 2015-2020 prescribes the features and detailed provisions governing Duty Credit Scrip (‘DCS’). The Ministry of Commerce and Industry of the Government of India along with the Director General of Foreign Trade (‘DGFT’) implement and administer the scheme. The objective of duty credit scrips (DCS) is to promote exports by way of providing a tax incentive on exports to be set off

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Procedure For Application Under Service Export From India Scheme (SEIS)
Export Incentives
CA. Kapil Mittal

Procedure For Application Under Service Export From India Scheme (SEIS)

1. Introduction With effect from 1st April, 2015, ‘Service Export from India Scheme’ (SEIS) replaced the erstwhile ‘Served from India Scheme’ (SFIS). SEIS applies to ‘Service providers located in India’ instead of erstwhile ‘Indian Service Providers’. The main objective of SEIS is to provide benefits to all the service providers located in India, instead of only Indian Service Providers. In the earlier articles we have already seen the eligibility and ineligibility criteria and the available benefits under SEIS. Under the present article, we would analyze Procedure for claiming SEIS export incentives, along with the relevant due date and application processing

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Services Exports From India Scheme (SEIS)
Export Incentives
CA. Kapil Mittal

SEIS Export Incentive

1. What is SEIS (Service Exports from India Scheme) Under the Foreign Trade Policy, the ‘Exports from India Scheme’ was introduced with the objective to provide rewards to the exporters to offset the infrastructural inefficiencies and associated costs. Following are the three schemes for export of Merchandise and Services – Merchandise Exports from India Scheme (MEIS) for merchandise exporters Service Exports from India Scheme (SEIS) for Service exporters Export promotion capital goods scheme (EPCG Scheme)   Chapter 3 of the Foreign Trade Policy 2015-2020 contains provisions relating to the ‘Exports from India Scheme’. The Service Exports from India Scheme (SEIS)

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