What is the difference between Foreign Trade Policy 2009-14 with Foreign Trade Policy 2015-20 in terms of new MEIS, Merchandise Exports from India Scheme?
This post explains briefly about the difference between MEIS under Foreign Trade Policy 2015-2020 and the schemes under Foreign Trade Policy 2009-2014 like FPS, MLFPS, FMS,VKGUY etc
What are the changes in VKGUY with new MEIS scheme? How to differentiate MLFPS with MEIS? Compare between FMS and MEIS, Which scheme is benefited more, MEIS or VKGUY?
What is the difference between MEIS under FTP 2015-20) and other schemes like FPS, MLFPS, FMS,VKGUY etc under Foreign Trade Policy 2009-14?
Let us compare here about the schemes in Foreign Trade Policy 2009-14 with MEIS (Merchandise Exports from India Scheme), one of the two schemes of exports from India.
Earlier there were 5 different schemes under Foreign Trade Policy 2009-14 such as Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY for rewarding merchandise exports with different kinds of duty scrips with varying conditions (sector specific or actual user only) attached to their use.
Now all these schemes have been merged into a single scheme, namely Merchandise Export from India Scheme (MEIS) under Foreign Trade Policy 2015-2020 (FTP 2015-20) and there would be no conditionality attached to the scrips issued under the scheme. The main features of MEIS, including details of various groups of products supported under MEIS.
The country groupings benefited with MEIS scheme under Foreign Trade Policy 2015-20 are Category A: Traditional Markets (30) - European Union (28), USA, Canada. Category B: Emerging & Focus Markets (139), Africa (55), Latin America and Mexico (45), CIS countries (12), Turkey and West Asian countries (13), ASEAN countries (10), Japan, South Korea, China, Taiwan, Category Category C: Other Markets (70).
Another difference between the schemes under Foreign Trade Policy 2014-19 and MEIS scheme, Merchandise Exports from India Scheme of Foreign Trade Policy 2015-20 is that at present, only the additional duty of customs / excise duty / service tax is allowed adjustment as CENVAT credit or drawback, as per Department of Revenue rules. However under MEIS scheme, Merchandise Exports from India Scheme of FTP 2015-20, rewards for export of notified goods to notified markets under ‘Merchandise Exports from India Scheme (MEIS) shall be payable as percentage of realized FOB value (in free foreign exchange). The debits towards basic customs duty in the transferable reward duty credit scrips would also be allowed adjustment as duty drawback.
This post explains briefly about the difference between MEIS under Foreign Trade Policy 2015-2020 and the schemes under Foreign Trade Policy 2009-2014 like FPS, MLFPS, FMS,VKGUY etc
If you would like to express your views on difference between MEIS under Foreign Trade Policy 2015-2020 and the schemes under Foreign Trade Policy 2009-2014 like FPS, MLFPS, FMS,VKGUY etc, comment below.
The above information is a part of Export Import Training course online
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Online Inter-ministerial consultation under Foreign Trade Policy 2015-20, FTP 2015-20
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Importer Exporter Code, e-IEC as per FTP 2015-20
Common Procedural features applicable to MEIS and SEIS under FTP 2015-20
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