{"id":949,"date":"2015-04-07T00:00:00","date_gmt":"2015-04-06T18:30:00","guid":{"rendered":""},"modified":"2015-12-30T14:49:27","modified_gmt":"2015-12-30T09:19:27","slug":"the-foreign-trade-policy-2015-2020-highlights","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/exim\/the-foreign-trade-policy-2015-2020-highlights\/","title":{"rendered":"THE FOREIGN TRADE POLICY 2015-2020 – HIGHLIGHTS"},"content":{"rendered":"
\n

A.            
\n<\/strong>SIMPLIFICATION
\n& MERGER OF REWARD SCHEMES<\/strong><\/p>\n

 <\/p>\n

Export from
\nIndia Schemes<\/strong>:<\/p>\n

 <\/p>\n

1.            
\n<\/strong>Merchandise
\nExports from India Scheme (MEIS) <\/strong><\/p>\n

 <\/p>\n

(a)         
\nEarlier there were
\n5 different schemes (Focus Product Scheme, Market Linked Focus Product Scheme,
\nFocus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY) for rewarding
\nmerchandise exports with different kinds of duty scrips with varying conditions
\n(sector specific or actual user only) attached to their use. Now all these
\nschemes have been merged into a single scheme, namely Merchandise Export from
\nIndia Scheme (MEIS) and there would be no conditionality attached to the scrips
\nissued under the scheme. The main features of MEIS, including details of
\nvarious groups of products supported under MEIS and the country groupings are
\nat Annexure-1. <\/p>\n

 <\/p>\n

(b)         
\nRewards for export
\nof notified goods to notified markets under \u2018Merchandise Exports from India Scheme
\n(MEIS) shall be payable as percentage of realized FOB value (in free foreign
\nexchange). The debits towards basic customs duty in the transferable reward
\nduty credit scrips would also be allowed adjustment as duty drawback. At
\npresent, only the additional duty of customs \/ excise duty \/ service tax is
\nallowed adjustment as CENVAT credit or drawback, as per Department of Revenue
\nrules. <\/p>\n<\/div>\n

<\/p>\n

 <\/p>\n

2.            
\n<\/strong>Service Exports from India
\nScheme (SEIS) <\/strong><\/p>\n

 <\/p>\n

(a)         
\nServed From India
\nScheme (SFIS) has been replaced with Service Exports from India Scheme (SEIS). SEIS
\nshall apply to \u2018Service Providers located in India\u2019 instead of \u2018Indian Service
\nProviders\u2019. Thus SEIS provides for rewards to all Service providers of notified
\nservices, who are providing services from India, regardless of the constitution
\nor profile of the service provider. The list of services and the rates of
\nrewards under SEIS are at Annexure-2. <\/p>\n

 <\/p>\n

(b)         
\nThe rate of reward
\nunder SEIS would be based on net foreign exchange earned. The reward issued as
\nduty credit scrip, would no longer be with actual user condition and will no
\nlonger be restricted to usage for specified types of goods but be freely
\ntransferable and usable for all types of goods and service tax debits on
\nprocurement of services \/ goods. Debits would be eligible for CENVAT credit or
\ndrawback.   <\/p>\n<\/div>\n

<\/p>\n

 <\/p>\n

3.            
\n<\/strong>Chapter -3
\nIncentives (MEIS & SEIS) to be available for SEZs <\/strong><\/p>\n

 <\/strong><\/p>\n

It is now proposed
\nto extend Chapter -3 Incentives (MEIS & SEIS) to units located in SEZs
\nalso. <\/strong><\/p>\n

 <\/strong><\/p>\n

4.            
\n<\/strong>Duty credit
\nscrips to be freely transferable and usable for payment of custom duty, excise
\nduty and service tax. <\/strong><\/p>\n

 <\/p>\n

(a)         
\nAll scrips issued
\nunder MEIS and SEIS and the goods imported against these scrips would be fully
\ntransferable. <\/p>\n

 <\/p>\n

(b)         
\nScrips issued under
\nExports from India Schemes can be used for the following:- <\/p>\n

 <\/p>\n

(i)               
\nPayment of customs
\nduty for import of inputs \/ goods including capital goods, except items listed
\nin Appendix 3A. <\/p>\n

 <\/p>\n

(ii)             
\nPayment of excise
\nduty on domestic procurement of inputs or goods, including capital goods as per
\nDoR notification.<\/p>\n<\/div>\n

\n

<\/a> <\/p>\n

(iii)           
\nPayment of service
\ntax on procurement of services as per DoR notification. <\/p>\n

 <\/p>\n

(c)          
\nBasic Customs Duty
\npaid in cash or through debit under Duty Credit Scrip can be taken back as Duty
\nDrawback as per DoR Rules, if inputs so imported are used for exports. <\/p>\n

 <\/p>\n

5.            
\n<\/strong>Status Holders <\/strong><\/p>\n

 <\/p>\n

(a)         
\nBusiness 
\nleaders  who  have 
\nexcelled  in international trade and have successfully
\ncontributed to country\u2019s foreign trade are proposed to be recognized as Status
\nHolders and given special treatment and privileges to facilitate their trade
\ntransactions, in order to reduce their transaction costs and time.  <\/p>\n

 <\/p>\n

 (b)         
\nThe nomenclature of
\nExport House, Star Export House, Trading House, Star Trading House, Premier
\nTrading House certificate has been changed to One, Two, Three, Four, Five Star
\nExport House.<\/p>\n

 <\/p>\n

(c)          
\nThe criteria for
\nexport performance for recognition of status holder have been changed from
\nRupees to US dollar earnings. The new criteria is as under:- <\/p>\n

 <\/p>\n<\/div>\n\n\n\n\n\n\n\n\n
\n

Status category<\/strong><\/span><\/p>\n

 <\/strong><\/p>\n<\/td>\n

\n

Export Performance <\/strong><\/span><\/p>\n

FOB \/ FOR (as converted) <\/strong><\/span><\/p>\n

Value (in US $ million) during current and previous
\n two years<\/strong> <\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

One Star Export House<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Two Star Export House<\/span><\/p>\n<\/td>\n

\n

25<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Three Star Export House<\/span><\/p>\n<\/td>\n

\n

100<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Four Star Export House<\/span><\/p>\n<\/td>\n

\n

500<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Five Star Export House<\/span><\/p>\n<\/td>\n

\n

2000<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 Download Complete highlight of FOREIGN TRADE POLICY 2015-2020<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

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Infrastructure Incentive Scrip, VKGUY) for rewarding merchandise exports with different kinds of duty scrips with varying conditions (sector specific or actual user only) attached … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[230],"yoast_head":"\nTHE FOREIGN TRADE POLICY 2015-2020 - HIGHLIGHTS - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/exim\/the-foreign-trade-policy-2015-2020-highlights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THE FOREIGN TRADE POLICY 2015-2020 - HIGHLIGHTS - All About Finance\" \/>\n<meta property=\"og:description\" content=\"  Export from India Schemes: 1.             Merchandise Exports from India Scheme (MEIS) (a)          Earlier there were 5 different schemes (Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri. 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