Quick Answer: What Is Meis?

What does Meis mean?

Merchandise Exports from India SchemeWhat is the MEIS scheme.

Merchandise Exports from India Scheme (MEIS) under Foreign Trade Policy of India (FTP 2015-20) is one of the two schemes introduced in Foreign Trade Policy of India 2015-20, as a part of Exports from India Scheme.

(The other scheme is SEIS, Service Exports from India Scheme)..

What is Meis and SEIS?

The Government of India introduced two Export Incentive Schemes under the Foreign Trade Policy 2015-2020 (FTP), namely the Merchandise Exports from India Scheme (MEIS) and the Service Exports from India Scheme (SEIS). Under these schemes, Duty Credit Scrips are issued as rewards against eligible exports.

How do I take Meis benefits?

Procedure to apply: An application for claiming rewards under MEIS on exports(other than Export of goods through courier or foreign post offices using e-Commerce), shall be filed online, using digital signature, on DGFT website at http://dgft.gov.in with RA concerned in ANF 3A.

Is Meis Licence transferable?

MEIS/ SEIS scrip owner will continue to ‘transfer’ the scrip to another IEC firm/ company in the same manner as was being done by them earlier i.e. as per the negotiated terms & conditions between the buyer and seller.

What is drawback scheme in export?

The Duty Drawback Scheme seeks to rebate duty or tax chargeable on any imported / excisable materials and input services used in the manufacture of export goods.

What is Meis scheme Dgft?

A scheme designed to provide rewards to exporters to offset infrastructural inefficiencies and associated costs. … Objective of the Merchandise Exports from India Scheme (MEIS) is to promote the manufacture and export of notified goods/ products.

How does Meis scheme work?

2. MEIS incentive. … The incentives under the schemes are calculated as a percentage, which is 2%, 3% or 5% of the realised FOB (free-on-board) value exports in free foreign exchange or FOB value of exports as per shipping bills in free foreign exchange. The incentives are allotted through a MEIS duty credit scrip.

Who can claim Meis?

Procedure for claiming Incentives under MEIS for Export through e-commerce. In case of export of goods through courier or foreign post office using e-commerce, incentives under this scheme are awarded for FOB Value upto Rs. 25,000 per consignment. In case the FOB Value is more than Rs.

What is difference between Meis and duty drawback?

The drawback is given as a relief of Customs and Central Excise Duties suffered on the inputs used in manufacture of export products whereas MEIS benefits are available under Chapter 3 of FTP on FOB value of exports of notified products to notified markets. … Yes, both the benefits can be claimed on an export shipment.

How do I sell my Meis license?

SELLSELL.Name of Company *Your Name *Contact No *Email ID *Type of Scrip, License available with you * MEIS SEIS DFIA (Duty Free Credit Authorisation Post Export EPCG Duty Credit Scrip Others.Scrip, License Value *Number of Scrips *More items…

Is GST applicable on sale of Meis license?

No GST is applicable on sale or purchase of DFIA licenses and Duty Credit Scrips (DCS) in Exports. … It is issued under the Merchandise Exports from India Scheme (MEIS), Service Exports from India Scheme (SEIS), and the Export Capital Goods Scheme.

How do I claim my Meis rewards?

(b) An application for claiming rewards under MEIS on exports (other than Export of goods through courier or foreign post offices using e- Commerce), shall be filed online, using digital signature, on DGFT website at http://dgft.gov.in with RA concerned in ANF 3A.