[vc_row][vc_column width="1/4"][vc_single_image image="1143" img_size="large"][/vc_column][vc_column width="3/4"][vc_column_text]Merchandise Exports from India Scheme (MEIS) #1. Objective of MEIS  To promotethe manufacture and export of notified goods/ products #2. Available to whom? Exporter of goods ie. Merchant exporter / Manufacturer exporter #3. MEIS Reward %

2% to 7% of the on realised FOB value of exports in free foreign exchange or on FOB value of exports (whichever is less)

#4. Ineligible categories

As per para 3.06 of the FTP 2015-20, specified categories viz. deemed exports, supplies from DTA to SEZ etc. #5. Utilisation of MEIS MEIS can be used for payment of -

1. Basic Customs Duty and Additional Customs Duty specified under section 3(1), 3(3) and 3(5) of the Customs Tariff Act, 1975 for import ofinputs or goods, including capital goods, as per DoR Notification, (except items listed in Appendix 3A)
2. Basic Customs Duty and Additional Customs Duty specified under Sections 3 (1), 3 (3) and 3 (5) of the Customs Tariff Act, 1975 and feeas per paragraph 3.18 of this Policy (incase of EO defaults for authorisations, composition fee under FTP)
3. Payment of Central excise duties on domestic procurement of inputs or goods

#6. Transferability of MEIS MEIS - Duty Credit Scrips and goods imported / domestically procured against them shall be freely transferable #7. Maintenance of records Licensing Authority may call such documents in original at any time within 3 years from issuance of scrips #8. Time Limit for submission Application for obtaining Duty Credit Scrip under MEIS shall be filed within a period of - (i) 12 months from the Let Export (LEO) date or (ii) 3 months from the date of :              (a) Uploading of EDI shipping bills onto the DGFT server by Customs.              (b) Printing/ release of shipping bills for Non EDI shipping bills. whichever is later, in respect of shipments for which claim is being filed. #9. Time Limit for disposal of applicationby DGFT 3 working days (if the application is complete in all respects)from date of application #11. Late Cut (in case of delay in submission) Wherever any application is received after expiry of last date for submission of such application, the application may be considered after imposing a late cut in the following manner -

Application received	Late Cut (%)
After prescribed date of submission  but  within  6  months from the last date	2%
After 6 months from the prescribed date of submission but  within1 year from the prescribed date	5%
After 12 months from the prescribed date of submission but within 2 years from the prescribed date	10%

So avoid delay in filing MEIS to avoid late cuts. #12. GST on supply of MEIS As per Notification No. 27/2017-Central Tax (Rate) dated 22 September 2017, ‘Zero’ rate of GST is applicable on supply of MEIS #13 MEIS Benefits for Importers. An Importer may explore the option to procure MEIS scrips at a discount from any exporters and use the same for payment of custom duty on import of capital goods/raw material. The same could help them to save around 1-2% (depends on negotiation) of the customs duty paid. An Importer  may need to comply with the conditions prescribed for the purpose of usage of MEIS scrips and may be cautious in purchasing scrips only from genuine dealers / exporters. #14 MEIS Declaration Last but important - At the time of filing EDI shipping bill, do not forget to tick 'Y' against reward column for availing MEIS, otherwise MEIS won't be available. Stay tuned, our next blog is on recent positive updates announced by DGFT! Have you claimed all your eligible Export Import incentives? Don’t worry, we are here to help you avail optimum incentives. For further details visit  our page. Feel free to get in touch with us through e-mail id – info@bizbrains.in or at +91 (79) 4890 7720.[/vc_column_text][/vc_column][/vc_row]