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Foreign Trade Policy 2015-20: Key Highlights

New Delhi: Following are the highlights of the Foreign Trade Policy 2015-20:
* Increase exports to USD 900 billion by 2019-20, from USD 466 billion in 2013-14
* Raise India's share in world exports from 2 percent to 3.5 percent
* Merchandise Export from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) launched
* Higher level of rewards under MEIS for export items with High domestic content and value addition
* Chapter-3 incentives extended to units located in SEZs
* Export obligation under EPCG scheme reduced to 75% to Promote domestic capital goods manufacturing
* FTP to be aligned to Make in India, Digital India and Skills India initiatives.
* Duty credit scrips made freely transferable and usable For payment of custom duty, excise duty and service tax.
* Export promotion mission to take on board state Governments
* Unlike annual reviews, FTP will be reviewed after two-and-Half years
* Higher level of support for export of defence, farm Produce and eco-friendly products.

FTP2015-20

Introduces two new schemes, namely “Merchandise Exports from India Scheme (MEIS)” for export of specified goods to specified markets and “Services Exports from India Scheme (SEIS)” for increasing exports of notified services, in place of a plethora of schemes earlier, with different conditions for eligibility and usage. There would be no conditionality attached to any scrips issued under these schemes. Duty credit scrips issued under MEIS and SEIS and the goods imported against these scrips are fully transferable. For grant of rewards under MEIS, the countries have been categorized into 3 Groups, whereas the rates of rewards under MEIS range from 2% to 5%. Under SEIS the selected Services would be rewarded at the rates of 3% and 5%.

Imports & Customs Procedures

As result of the economic reforms started in 1991-92, India`s exports are booming. Imports are growing as well. In fact, International trade consisting of Exports & Imports is turning out to be an engine for economic growth and generation of employment opportunities in many of the developing and developed countries. Export – Import trade is a highly specialized subject as it deals with issues related to different countries besides Customs Procedures, Tariffs, Bank Finance, Documentation etc.

Dear Friend,
Do You Know?

As result of the economic reforms started in 1991-92, India`s exports are booming. Imports are growing as well. In fact, International Trade consisting of Exports & Imports is turning out to be an engine for Economic Growth and generation of Employment Opportunities in INDIA.

India is fast emerging as a manufacturing hub, next only to China. All manufacturers of various goods are either expanding or upgrading their facilities. This requires massive investment in Import of Capital Goods. The decision to Import Capital Goods is not only based on CIF Value of Imports but also on landed cost. The Importers have to ensure that they pay correct Import Duties applicable and avoid payment of fine and penalties due to misinterpretation of Foreign Trade Policy Provisions.

Export – Import trade is a highly specialized subject as it deals with issues related to different countries, besides Customs Procedures, Tariffs, Bank Finance, Documentation etc.

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Central Excise, Service Tax & Customs

Central Excise, Customs Duties & Service Tax accounts for about 75% of the Total Government Revenues. It, therefore, constitutes vital elements of “Indirect Taxes”. Most of the corporate sector inadvertently comes across these taxes. Further all these taxes are associated with a number of Rules, Regulations, Procedures / formalities and Documentations. Besides there are many exemptions & concessions available which are subject to the fulfillment of certain conditions. Moreover all the procedures along with the associated documentation are to be carried out correctly and in the right manner as any lapse in this regard could lead to serious financial implications. Individuals handling these areas, therefore, need to have an indepth and through knowledge of the customs, Excise & Service Tax Rules & Regulations to really effective.