TaxTMI 
TaxTMI 
EXPORTS FROM INDIA SCHEMES
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....stoms Duty and Additional Customs Duty specified under Sections 3 (1), 3 (3) and 3 (5) of the Customs Tariff Act, 1975 and fee as per paragraph 3.18 of this Policy. Merchandise Exports from India Scheme (MEIS) 3.03 Objective Objective of the Merchandise Exports from India Scheme (MEIS) is to promote the manufacture and export of notified goods/ products. 3.04 Entitlement under MEIS Exports of notified goods/products with ITC[HS] code, to notified markets as listed in Appendix 3B, shall be rewarded under MEIS. Appendix 3B also lists the rate(s) of rewards on various notified products [ITC (HS) code wise]. The basis of calculation of reward would be on realised FOB value of exports in free foreign exchange, or on FOB value of exports as given in the Shipping Bills in freely convertible foreign currencies, whichever is less, unless otherwise specified. 6[3.04 A 13[The total reward which may be granted to an IEC holder under the Merchandise Exports from India Scheme (MEIS) shall not exceed ₹ 2 Crore per IEC on exports made in the period 01.09.2020 to 31.12.2020 [period based on Let Export Order (LEO) date of shipping bill(s)]. Any IEC holder who has not made any export wit....
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.... foreign exchange earnings of US$15,000 in year of rendering service to be eligible for Duty Credit Scrip. For Individual Service Providers and sole proprietorship, such minimum net free foreign exchange earnings criteria would be US$10,000 in year of rendering service.] (c) Payment in Indian Rupees for service charges earned on specified services, shall be treated as receipt in deemed foreign exchange as per guidelines of Reserve Bank of India. The list of such services is indicated in Appendix 3E. 9[However, there shall be no such specified services under Appendix 3E for exports made in the financial year 2019-20] (d) Net Foreign exchange earnings for the scheme are defined as under: Net Foreign Exchange = Gross Earnings of Foreign Exchange minus Total expenses / payment / remittances of Foreign Exchange by the IEC holder, relating to service sector in the Financial year. (e) If the IEC holder is a manufacturer of goods as well as service provider, then the foreign exchange earnings and Total expenses / payment / remittances shall be taken into account for service sector only. (f) In order to claim reward under the scheme, Service provider shall have to have an active....
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....of Submitting Applications for Scrip based Schemes The last date for submission of online applications under MEIS for exports made in the period 01.09.2020 to 31.12.2020, and applicable late cut as in Para 9.02 of HBP would be as below: Scheme Last date of submission of Application Late Cut if submitted till the last date as in column 2 (as % age of Entitlement under the scheme) (1) (2) (3) MEIS (for exports in the period 01.09.2020 to 31.12.2020) 31.08.2022 Nil No further MEIS applications would be allowed to be submitted after the prescribed last date (as above) and such applications would become time-barred. Late cut provisions shall also not be available for submitting claims at a later date.] b. In supersession of the laid down provisions on applicable late cut as in para 9.02 of the HBP, the new late cut for applications submitted upto 28.02.2022 as indicated above shall be: Sl No. Scheme Period of Exports (Let Export Date in the period) / Services rendered in the period Late Cut (as % age of EntitIement under the Scheme) 1. MEIS FY 2018-19 (01.07.2018 to 31.03.2019 10% 2 MEIS FY 2019-20 and FY 2020-21 (upto 31.12.2020) Nil 3. SEIS FY 2018-19 5%....
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....by the company/ firm who has realized the foreign exchange directly from overseas. 3.18 Facility of payment of custom duties and fee through duty credit scrips (a) Duty Credit Scrip can be utilized / debited for payment of Custom Duties in case of EO defaults for Authorisations issued under Chapters 4 and 5 of Foreign Trade Policy. Such utilization /usage shall be in respect of those goods which are permitted to be imported under the respective reward schemes. However, penalty / interest shall be required to be paid in cash. (b) Duty credit scrips can also be used for payment of composition fee under FTP, for payment of application fee under FTP, if any and for payment of value shortfall in EO under Para 4.49 of HBP 2015-20. 3.19 Risk Management System (a) A Risk Management System shall be in operation whereby every month Computer system in DGFT Headquarters, on random basis and on the basis of guidelines issued by the DGFT from time to time, will select 10% of applications for each RA where scrips and Status Holder Certificates have already been issued, under each scheme. RA in turn may call for original documents in all such selected cases for further examination in detai....
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....t earning in freely convertible foreign currencies or in Indian Rupees as per para 2.53 of the FTP.] (c) For deemed export, FOR value of exports in Indian Rupees shall be converted in US$ at the exchange rate notified by CBEC, as applicable on 1st April of each Financial Year. (d) For granting status, export performance is necessary in at least two out of four years. 3.21 Status Category Status Category Export Performance FOB / FOR (as converted) Value (in US $ million) One Star Export House 3 Two Star Export House 25 Three Star Export House 100 Four Star Export House 500 Five Star Export House 2000 3.22 Grant of Double Weightage (a) The exports by IEC holders under the following categories shall be granted double weightage for calculation of export performance for grant of status. (i) Micro, Small & Medium Enterprises (MSME) as defined in Micro, Small & Medium Enterprises Development (MSMED) Act 2006. (ii) Manufacturing units having ISO/BIS. (iii) Units located in North Eastern States including Sikkim and Jammu & Kashmir. (iv) Units located in Agri Export Zones. (b) Double Weightage shall be available for grant of One Star Export House Status category....
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....porters who are also Status Holders shall be eligible to self-certify their goods as originating from India as per Para 2.108 (d) of Hand Book of Procedures. 3[(j) Status holders shall be entitled to export freely exportable items (excluding Gems and Jewellery, Articles of Gold and precious metals) on free of cost basis for export promotion subject to an annual limit as below: a. Annual limit of 2% of average annual export realization during preceding three licensing years for all exporters (excluding the exporters of following sectors-(1) Gems and Jewellery Sector, (2) Articles of Gold and precious metals sector) . b. Annual limit of Rupees One Crore or 2% of average annual export realization during preceding three licensing years, whichever is lower. (for exporters of the following sectors-(1) Gems and Jewellery Sector, (2) Articles of Gold and precious metals sector). c. In case of supplies of pharmaceutical products, vaccines and lifesaving drugs to health programmes of international agencies such as UN, WHO-PAHO and Government health programmes, the annual limit shall be upto 8% of the average annual export realisation during preceding three licensing years. The free ....
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....t track the implementation of EDI mode at courier terminals." 3. Substituted vide Notification No. 28/2015-2020 dated 27-08-2018 before it was read as, "(j) Status holders shall be entitled to export freely exportable items (excluding Gems and Jewellery, Articles of Gold and precious metals) on free of cost basis for export promotion subject to an annual limit of Rupees One Crore or 2% of average annual export realization during preceding three licensing years, whichever is lower. For export of pharma products by pharmaceutical companies, the annual limit would be 2% of the average annual export realisation during preceding three licensing years. In case of supplies of pharmaceutical products, vaccines and lifesaving drugs to health programmes of international agencies such as UN, WHO-PAHO and Government health programmes, the annual limit shall be upto 8% of the average annual export realisation during preceding three licensing years. Such free of cost supplies shall not be entitled to Duty Drawback or any other export incentive under any export promotion scheme." 4. Inserted vide Notification No: 43/2015-2020 dated 29-01-2020 5. Inserted vide NOTIFICATION No. ....
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.... with regard to last date for submitting online applications for scrip based claims, the last date for submitting online applications stands revised to 31st January 2022 for the following schemes i.e. i. for MEIS (for exports made in the period (s) 01.07.2018 to 31.03.2019, 01.04.2019 to 31.03.2020 and 01.04.2020 to 31.12.2020), ii. for SEIS (for service exports rendered for FY 18-19 and FY 2019-20), iii. for 2 % additional ad hoc incentive (under para 3.25 of the FTP - for exports made in the period 01.01.2020 to 31.03.2020 only) iv. for ROSCTL (for exports made from 07.03.2019 to 31.12.2020) and v. for ROSL (for exports made upto 06.03.2019 for which claims have not yet been disbursed under scrip mechanism). After 31.01.2022, no further applications would be allowed to be submitted and they would become time-barred. Late cut provisions shall also not be available for submitting claims at a later date. (b) In supersession of the laid down provisions on applicable late cut as in para 9.02 of the HBP, the new late cut for applications submitted upto 31.01.2022 as indicated above shall be: SI No. Scheme Period of Exports (Let Export Date in the period) / Services ren....