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TMI BlogForeign Trade Policy- 2015-2020- GistX X X X Extracts X X X X X X X X Extracts X X X X ..... Foreign Trade Policy- 2015-2020- Gist - By: - Deepak Aggarwal - Other Topics - Dated:- 1-4-2015 - - Gist of Foreign Trade Policy - 2015-2020 SIMPLIFICATION and MERGER OF REWARD SCHEMESS Merger of 5 existing different Schemes (Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY) into a single scheme, namely Merchandise Export from India Scheme (MEIS) and there would be no conditionality attached to the scrips issued under the scheme. Rewards for export of notified goods to notified markets under Merchandise Exports from India Scheme (MEIS) shall be payable as percentage of realized FOB value (in free foreign exchange). The debits towards bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic customs duty in the transferable reward duty credit scrips would also be allowed adjustment as duty drawback. Served From India Scheme (SFIS) has been replaced with Service Exports from India Scheme (SEIS). The reward issued as duty credit scrip, would no longer be with actual user condition and will no longer be restricted to usage for specified types of goods but be freely transferable and usable for all types of goods and service tax. SEIS shall apply to Service Providers located in India instead of Indian Service Providers . Thus SEIS provides for rewards to all Service providers of notified services, who are providing services from India, regardless of the constitution or profile of the service provider. The rate of r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eward under SEIS would be based on net foreign exchange earned. It is now proposed to extend Chapter -3 Incentives (MEIS and SEIS) to units located in SEZs also. Duty credit scrips to be freely transferable and usable for payment of custom duty, excise duty and service tax. Status Holders Business leaders who have excelled in international trade and have successfully contributed to country s foreign trade are proposed to be recognized as Status Holders and given special treatment and privileges to facilitate their trade transactions, in order to reduce their transaction costs and time. The nomenclature of Export House, Star Export House, Trading House, Star Trading House, Premier Trading House certificate has been ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anged to One, Two, Three, Four, Five Star Export House. The criteria for export performance for recognition of status holder have been changed from Rupees to US dollar earnings. Approved Exporter Scheme - Self certification by Status Holders. BOOST TO MAKE IN INDIA Reduced Export Obligation (EO) for domestic procurement under EPCG scheme Higher level of rewards under MEIS for export items with high domestic content and value addition. TRADE FACILITATION and EASE OF DOING BUSINESS Online filing of documents/ applications and Paperless trade in 24x7 environment Landing documents of export consignment as proofs for notified market can be digitally uploaded. Online inter-ministerial consultations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Simplification of procedures/processes, digitisation and e-governance Forthcoming e-Governance Initiatives Message exchange with Ministry of Corporate Affairs for CIN and DIN. Message exchange with CBDT for PAN. Facility to pay application fee using debit card / credit card. Open API for submission of IEC application. Mobile applications for FTP Other new Initiatives EOUs, EHTPs, STPs have been allowed to share infrastructural facilities among themselves. Inter unit transfer of goods and services have been allowed among EOUs, EHTPs, STPs, and BTPs. EOUs have been allowed facility to set up Warehouses near the port of export. STP units, EHTP units, software EOUs have been allowed the facil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity to use all duty free equipment/goods for training purposes. 100% EOU units have been allowed facility of supply of spares/ components up to 2% of the value of the manufactured articles to a buyer in domestic market for the purpose of after sale services At present, in a period of 5 years EOU units have to achieve Positive Net Foreign Exchange Earning (NEE) cumulatively. Because of adverse market condition or any ground of genuine hardship, then such period of 5 years for NFE completion can be extended by one year At present, EOUs/EHTP/STPI units are permitted to transfer capital goods to other EOUs, EHTPs, STPs, SEZ units. Now a facility has been provided that if such transferred capital goods are rejected by the recipient, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the same can be returned to the supplying unit, without payment of duty. A simplified procedure will be provided to fast track the de-bonding / exit of the STP/ EHTP units. EOUs having physical export turnover of ₹ 10 crore and above, have been allowed the facility of fast track clearances of import and domestic procurement. Facilitating and Encouraging Export of dual use items (SCOMET) Validity of SCOMET export authorisation has been extended from the present 12 months to 24 months. It will help industry to plan their activity in an orderly manner and obviate the need to seek revalidation or relaxation from DGFT. Authorisation for repeat orders will be considered on automatic basis subject to certain conditi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons. Verification of End User Certificate (EUC) is being simplified if SCOMET item is being exported under Defence Export Offset Policy. Outreach programmes will be conducted at different locations to raise awareness among various stakeholders. Facilitating and Encouraging Export of Defence Exports Export obligation period for export items falling in the category of defence, military store, aerospace and nuclear energy shall be 24 months from the date of issue of authorization or co-terminus with contracted duration of the export order, whichever is later. A committee has been formed to create ITC (HS) codes 16 for defence and security items for which industrial licenses are issued by DIPP. E-Commerce Exports ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Goods falling in the category of handloom products, books / periodicals, leather footwear, toys and customized fashion garments, having FOB value up to ₹ 25000 per consignment (finalized using e-Commerce platform) shall be eligible for benefits under FTP. Such goods can be exported in manual mode through Foreign Post Offices at New Delhi, Mumbai and Chennai. Duty Exemption Imports against Advance Authorization shall also be eligible for exemption from Transitional Product Specific Safeguard Duty. In order to encourage manufacturing of capital goods in India, import under EPCG Authorisation Scheme shall not be eligible for exemption from payment of anti-dumping duty, safeguard duty and transitional product spe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cific safeguard duty Additional Ports allowed for Export and import India has already extended duty free tariff preference to 33 Least Developed Countries (LDCs) across the globe. This is being notified under FTP. Quality complaints and Trade Disputes a new chapter, namely, Chapter on Quality Complaints and Trade Disputes has been incorporated in the Foreign Trade Policy a Committee on Quality Complaints and 18 Trade Disputes (CQCTD) is being constituted in 22 offices and would have members from EPCs/FIEOs/APEDA/EICs. Vishakhapatnam and Bhimavaram added as Towns of Export Excellence - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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