Govt raises support for exports under MEIS
- The government has broadened the ambit of its Merchandise Exports from India Scheme (MEIS) and scrapped a requirement for exporters to submit landing certificates of goods to avail of benefits under the MEIS.
- Under the MEIS, the government usually provides exporters duty credit scrip at 2% and 3% of their export turnover, depending upon the product and the export destination, as envisaged in the 2015-20. The scrip can be transferred or used for payment of a number of duties, including the basic customs duty.
- All 5,012 products covered under the MEIS will be eligible for global coverage from May 4, according to the directorate general of foreign trade. This means irrespective of the export destinations, the outbound shipments of all items contained in the MEIS list will be eligible for specific benefits under the scheme. Earlier, exports of as many as 2,787 products were eligible for MEIS benefits only if they were shipped to specified regions.