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About Merchandise Exports from India Scheme (MEIS) The Export Incentive Scheme- MEIS scheme grants benefits of up to 5% as compared to earlier scheme which offered benefits up to 7%. However, this scheme removes various kind of previous restriction. Product and market base is also significantly widened in comparison to earlier scheme. Unlike earlier schemes, this scheme has been made applicable to exports made by SEZ units. Benefits under MEIS scheme for exports are extended to developed country which was eligible for a very limited extent under the earlier schemes. The benefits of MEIS is also extended to e-commerce sector.MEIS schemes are introduced with following objective To boost India’s export by offsetting infrastructural inefficiencies and associated costs involved To provide a level playing field to exporters Finally to increase export of Goods The Government of India has introduced Merchandise Exports from India Scheme (MEIS) through the Foreign Trade Policy (FTP) 2015-20 w.e.f. April 1, 2015.
Salient features of MEIS are as under :
MEIS is result of major consolidation and simplification: Earlier there were 5 different schemes for rewarding merchandise exports with different kinds of duty scrips with varying conditions attached to their use. Now all these schemes have been merged into a single scheme, namely Merchandise Exports from India Scheme (MEIS). MEIS incentive Rates : Rewards under MEIS are payable as a percentage ( 2, 3 or 5% ) of realized FOB(Free on Board) value of covered exports, by way of the MEIS duty credit scrip. Allocation and Product Coverage: At the time of introduction on April 1, 2015, MEIS covered 4914 tariff lines. The product and market coverage was worked out keeping in view the annual allocation of Rs 18000 Crore by Department of Revenue. Duty credit scrips are freely transferable and usable for payment of custom duty, excise duty and service tax All scrips issued under MEIS and the goods imported against these scrips fully transferable. Incentives to be available for SEZs Incentives under MEIS are available to units located in SEZs also.
The reward/incentives provided by the Government makes the exporters competitive in the international market including Europe, The United States of America and Africa. These three markets are covered under the scheme for all notified 5012 tariff lines.
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