Export Benefits Under Foreign Trade Policy (MEIS/SEIS)
SEIS/MEIS
Service Export from India Scheme (“SEIS”) and Merchandise Export from India Scheme (“MEIS”) are the two flagship export benefit scheme provided by the Government of India to the exporters of India to boost foreign trade, increase trade facilitation and ease of doing business in India. In the scheme, the exporters are provided export benefits which are in the nature of duty scrips based on the value of Foreign Currency realized and the country to which exports are made.
BENEFITS UNDER SEIS / MEIS
MEIS / SEIS aims to promote the export of goods/services from India by providing duty scrip credit, which may range in between 2% to 7% of eligible exports. These Duty Credit Scrips are freely transferable and can be used for the payment of Customs Duty.
TIMELINE FOR APPLYING FOR SEIS / MEIS
The time limits for filing application of MEIS / SEIS are tabulated below:
Note: The SEIS/ MEIS application can also be filed with a period of two years from the prescribed date for filing the claim and sanction with a late cut in the entitlement.
EXCLUSIONS UNDER SEIS/MEIS
SERVICES OFFERED BY MBG
We at MBG, support our clients to support in the preparation of necessary documentation to apply for the export benefits on time and representation before the Government Authorities to obtain Duty Scrips on time.
We also support our clients in obtaining necessary registrations under respective promotion council like EEPC, SEPC which are pre-requisite for applying for the benefits under the scheme.
Last Updated: 5th May 2020
This article is contributed by:
Deepak Arora
Executive Director, Taxation