The Foreign Trade Policy (FTP) provides tax incentives for goods and services under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS).
The government on Monday extended the validity of scrips or certificates, provided under export incentive schemes, which are expiring between March 1 and June 30 this year till September 30. The Foreign Trade Policy (FTP) provides tax incentives for goods and services under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS).
Depending on the nature of services and product, the government gives duty credit scrips or certificates to exporters. These scrips can be transferred or used for payment of a number of duties including the basic customs duty.
“Relaxation has been provided for applicable late cuts for SEIS/MEIS applications and the validity of scrips issued under Chapter 3 of FTP which are expiring between March 1 and June 30 this year has been extended up to September 30 this year,” the Directorate General of Foreign Trade (DGFT) said in a public notice.
In a separate trade notice, the DGFT said that as per a pact signed between India and Mozambique for import of pigeon peas and other pulses grown there, 2 lakh tonnes of pulses will be imported during 2020-21 with certain conditions.
It said import will be allowed only through 5 ports — Mumbai, Tuticorin, Chennai, Kolkata and Hazira — and it will be subject to production of “Certificate of Origin” certified by the authorised signatories in the ICM (Instituto de Cereasi de Mocambique) with stamps provided by the Government of Mozambique, which is being shared with the concerned customs authorities of these ports and the Central Board of Indirect Taxes and Customs.
Although quantitative restrictions has been imposed on import of moong, peas, and toor dal, it has been notified that the restrictions shall not apply to the government’s import commitments under any bilateral or regional agreement or memorandum of understanding.