Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

As part of ease of doing business and reduction of Transaction Cost of the exporters, the Government decides to do away with the Landing Certificates required under Merchandise Export from India Scheme (MEIS) with effect from 4th May, 2015

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... As part of ease of doing business and reduction of Transaction Cost of the exporters, the Government decides to do away with the Landing Certificates required under Merchandise Export from India Scheme (MEIS) with effect from 4th May, 2015 - News and Press Release Dated:- 5-5-2016 - News - Government with the approval of the Minister of State (I/C), Ministry of Commerce and Industry Smt Nirmala .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Sitharaman has decided to extend the market coverage to all countries in respect of Merchandise Export from India Scheme (MEIS) 2787 lines. Henceforth, Landing Certificates shall not be required under MEIS w.e.f. 04.05.2016. A Public Notice No.06 has been notified in this regard. Accordingly, revenue foregone under the scheme has been revised from ₹ 21,000 crore per annum to ₹ 22, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 000 crore per annum. This step has been taken as part of ease of doing business and reduction of Transaction Cost of the exporters. The Merchandise Export from India Scheme (MEIS) was introduced in the Foreign Trade Policy (FTP) 2015-20 on April 1, 2015. MEIS aims to incentivize export of merchandise which are produced/manufactured in India. At the time of introduction of MEIS on April 1, 201 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 5, the scheme covered 4914 tariff lines at 8 digit level. Countries of the globe were grouped into 3 market categories (Country Group A, Country Group B Country Group C) for grant of incentives under MEIS. Slight changes in lines covered etc. were made on 14.07.2015 and 15.7.2015. Thereafter on 29.10.2015, 110 new Tariff Lines at 8 digit level were added under the scheme. The rates/country cover .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... age for 2228 lines at 8 digit level were enhanced. As on date, 5012 Tariff Lines at 8 digit level are eligible for rewards under MEIS. The annual resource allocation under MEIS was enhanced from ₹ 18,000 crore to ₹ 21,000 crore in October 2015. The MEIS Scheme covers 5012 tariff lines. Under MEIS Markets/countries of the globe are grouped into 3 categories for grant of incentives un .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... der MEIS:- Category A : Traditional Markets (34) Include European Union (28), European Free Trade Association(EFTA) (Switzerland, Norway, Iceland and Lichtenstein-4), USA and Canada(2). Category B : Emerging Focus Markets (140) Include Africa (55), Latin America and Mexico (45), CIS countries (12), Turkey and West Asian countries (13), ASEAN countries (10), Japan, South Korea, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... China, Hongkong and Taiwan(5). Category C : Other Markets (64) Products which were not eligible to get incentives in all markets required submission of Landing Certificate as a proof of landing in the designated market. Out of total 5012 tariff lines under MEIS, incentives to 2787 lines was available only to limited countries. Therefore, it required submission of Landing Certificates fo .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r claims. Government had received many representations pointing out difficulties in obtaining landing certificate from Shipping Lines/Agents etc. Exporters also had to bear associated charges/cost on account of this procedure. Keeping in view these facts, the Government with the approval of the Commerce and Industry Minister has decided to extend the market coverage to all countries in respect .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of these 2787 lines. Henceforth, landing certificates shall not be required under MEIS w.e.f. 04.05.2016. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates