Important positive changes announced in past 6 months by DGFT
The positive updates / changes announced by DGFT during past six months are in the direction of ease of doing business and facilitating exporters with additional incentives / benefits. If you have missed tracking any of these updates, please take note of the same here :
Export incentives (Chapter – 3 : MEIS, FPS, FMS, etc.)# Validity of Chapter-3 duty credit scrips i.e. FPS, FMS, VKGUY,MLFPS, SFIS etc. issued on or after 01.01.2016 extended to 24 months.
In our practical experience, we got above extension applied for our client and we could encash the duty credit scrips which helped saving lakhs of rupees for our client.
# Regional Authorities shall process application for MEIS claims only on basis of ITC (HS) codes except for the ITC(HS) codes specified in the annexure.In our view, this a major step in ease of processing which has led to faster processing of MEIS applications.
# Guidelines for filing/processing of MEIS applications in case of project exports in lieu of representations made by trade to avail higher rate of MEIS incentives for project exports.
In our view, exporters involved in project exporters should look for and apply for MEIS as per procedure prescribed therein.
# Milk and Food products are added in Appendix 3B Table 2, whrein MEIS rate has been increased to 10% for exports made with effect from 13.07.2018 to 12.01.2019.
Condonation of delay in EPCG
# Onetime condonation of delay under the Export Promotion of Capital Goods (EPCG) Scheme has been extended upto 30.09.2018.
The exporter may apply for one time condonation of delay in block-wise extension in Export Obligation, extension in Export Obligation period and in submission of installation certificate.
Extension of IGST benefits
# Extension of Integrated and goods and Service Tax (IGST) and Compensation Cess exemption under Advance Authorisation and EPCG scheme till 01.10.2018.
Procedural facilitation
# Advise to exporters to promptly check shipping bills transmission status on ICEGATE and DGFT website.
In our practical experience, it has happened that when we login to DGFT server for filing export incentives shipping bill data is not found on DGFT system which leads to considerable delay in filing export incentives application. Therefore, it is requested to each exporter to promptly check transmission status to avoid delays.
# Facility to check status of Import Export Code (lEC) application can be accessed from DGFT website using Online Application-> IEC->Know your IEC Status or directly from http://164.100.128.144:8100/dgft/IecPrint link. PAN Number and first three letters of Firm Name can be entered to check the status.
Please take maximum advantage of the above!
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.
If you are interested in receiving regular updates from us, please send your contact details (your name, company’s name, e-mail id and contact no.) on our e-mail id -info@bizbrains.in
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