India’s Export Promotion Schemes
✅Merchandise Exports from India Scheme:
MEIS was introduced in the Foreigners Trade Policy 2015-20, under MEIS, the government provides duty benefits depending on product and country.
Rewards under the scheme are payable as percentage of realised free-on-board(of 2%, 3% and 5%) and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty.
✅Service Exports from India Scheme:
It was introduced in April 2015 for 5 Years under the Foreign Trade Policy of India 2015-2020.
Earlier, this Scheme was named as Served from India Scheme (SFIS Scheme) for Financial Year 2009-2014.
Under it, incentives are given by the Ministry of Commerce and Industry to Service Exporters based in India to promote the export of services from India.
✅Remission of Duties or Taxes on Export Product (RoDTEP):
It is a fully automated route for Input Tax Credit (ITC) in the GSTto help increase exports in India.
ITC is provided to set off tax paid on the purchase of raw materials, consumables, goods or services that were used in the manufacturing of goods or services. This helps in avoiding double taxation and the cascading effect of taxes.
It was started in January 2021 as a replacement for the MEIS, which was not compliant with the rules of the WTO
✅Rebate of State and Central Taxes and Levies (RoSCTL):
Announced in March, 2019, RoSCTL was offered for embedded state and central duties and taxes that are not refunded through GST.
It was available only for garments and made ups. It was introduced by the Ministry of Textiles.
Previously, it was Rebate for State Levies (ROSL)