DGFT announces new list of products eligible for MEIS reward rates
The Dollar Business Bureau
Worried over declining exports, the government has extended duty incentives to 2901 new lines to the already existing 5012 lines. Earlier in Oct 2015, the Government had added 110 new lines under MEIS. In a new notification public notice NO.32/2015-2020 dated 22nd September, 2016, the DGFT has once again risen to help exporters and boost the export numbers.
Alongwith the introduction of the new 2901 lines, the Government in order to appease the exporters has increased the rates of 575 lines from 2% to 5%. The government provides duty benefits at 2%, 3% and 5% depending upon the product and country, under the MEIS. This move is aimed to help improve competitiveness in the exporters which in turn could lead to an increase in exports.
Rewards under MEIS are calculated based on FOB value of exports in free foreign exchange, or on FOB value of exports as given in the Shipping Bills in free foreign exchange, whichever is less, unless otherwise specified.
The notification that the DGFT released today reads “In exercise of powers conferred under paragraph 1.03 of the Foreign Trade Policy 2015-2020, the Director General of Foreign Trade hereby makes the following additions/amendments in Table 2
[containing ITC (HS) code wise list and description of goods with reward rates under MEIS] of Appendix 3B…”
For more information about the details of the products added to the incentive scheme or details (HS Codes) of the products whose rates have been increased from 2% to 5%, please click on the link given below.
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