A Broad Overview of Export Policy, Promotion and Regulations

A Broad Overview of Export Policy, Promotion and Regulations

ABSTRACT

Measurable goals are the most effective way to accomplish a vision. The government intends to boost India's goods and services exports from USD 465.9 billion in 2013-14 to roughly USD 900 billion by 2019-20, as well as to enhance India's share in global exports from 2% to 3.5 percent. In the absence of a uniform indirect taxation system in India, exporters are frequently unable to obtain a rebate or drawback on all indirect taxes paid on the exported product and the inputs used in its manufacture, significantly inflating the final price of the exported product and making it less price competitive.

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INTRODUCTION

The Indian government has liberalized the programmers for export focused units and export processing zones. Agriculture, horticulture, poultry, fisheries, and dairying are among the export oriented units. Export promotion capital goods schemes (EPCGS) have been established to allow exporters to import capital goods at reduced import taxes. Under the EPCGS programmer, such capital goods importers must export products worth four times their import value during the following five years. The establishment of the EXIM bank and SEZs boosted the country's exports.

The Indian government has liberalized programmers for export-oriented businesses and export processing zones. Agriculture, horticulture, poultry, fisheries, and dairy products have all been added to the list of export-oriented industries. Export processing zones are now permitted to export via trade and star trading houses and to lease equipment. These units have been granted full participation in foreign stocks.


Scheme for Exports from India 

i. Scheme for Merchandise Exports from India (MEIS)

Exports of notified goods/products to notified markets mentioned in Appendix 3B of the Handbook of Procedures are awarded freely transferable duty credit scrips on the realized FOB value of exports in free foreign currency at a predetermined rate under this system (2-5 percent ). Such duty credit scrips may be used to pay custom taxes on imported inputs or products, excise duties on domestic purchases, service tax, and custom duties in the event of EO delinquency.

MEIS benefits would be available for exports of specified products with a FOB value of up to Rs 25, 000 per consignment through courier or foreign post office utilising e-commerce.


ii. Scheme for Service Exports from India (SEIS)

Service providers that offer notified services as defined in Appendix 3E are entitled for freely transferable duty credit scrip worth 5% of net foreign currency generated.


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