Quick Answer: Who Is Eligible For Meis Scheme?

Is Rcmc mandatory for Meis?

Yes it is Mandatory , If you want to Claim MEIS Incentive ..

What is EPCG scheme?

The objective of the Export Promotion Capital Goods (EPCG) Scheme is to facilitate import of capital goods for producing quality goods and services and enhance India’s manufacturing competitiveness. EPCG Scheme allows import of capital goods for pre-production, production and post-production at zero customs duty.

Who can apply for Meis scheme?

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 are the documents required for Meis scheme?

Documents Required for MEIS Application A self-attested copy of the import bill of entry filed by the importer in the specified market. The delivery order issued by port authorities. Arrival notice issued by goods carrier. Tracking report from the goods carrier (shipping lines or airlines or his accredited agent in …

What is Meis license?

What 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).

How is Meis calculated?

The MEIS covers goods notified for the purpose of the scheme. 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.

What is Meis income?

The Merchandise Exports from India Scheme (MEIS) provides rewards to exporters in sectors that generate employment and increase India’s competitiveness. The scrips or provisional certificates given by the government under this scheme can be used by exporters to offset infrastructure and export related costs.

How do I get 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.

Can we sell Meis license?

Since this license is transferable, it can be sold at an average premium of 95% to 100% to importers for payment of Customs duties.

How is duty drawback calculated?

Duty drawback is the sum of the following amounts: Customs duty that is paid on imported input goods. … Excise duty that is paid on indigenous input goods. Duty that is paid on packing material.

What is difference between Meis and duty drawback?

Under the CENVAT credit/drawback rules, any additional duty or central excise duty paid in cash or through duty credit scrips will be adjusted as CENVAT credit or duty drawback. On the other hand, basic customs duty paid is adjusted as duty drawback. … Duty credit scrips are rewards offered under both MEIS and SEIS.

What is drawback scheme in export?

The Duty Drawback Scheme provides exporters a refund of customs duty paid on unused imported goods, or goods that will be treated, processed or incorporated into other goods for export. Open. Application detail: Claims must be lodged within four years from the date the goods were exported.

What is FOB value?

Free On Board, in short FOB, is a term frequently used in shipping terms where the seller quotes a price including the cost of delivering goods to the nearest port. … FOB is a price that the buyer pays for the product excluding any of the following costs: Loading. Insurance. Freight.

What is BRC in exports?

Bank Realisation Certificate (BRC) is issued by Banks based on realisation of payment against export by an Exporter. Any firm applying for benefits under Foreign Trade Policy is required to furnish valid BRC as a proof of realisation of payment against exports made.

What are the export benefits in India?

The scheme is expected to provide the following benefits: Reimbursement of all taxes and duties paid on inputs including central and state indirect taxes which are currently not reimbursed. Increased loan availability for exporters and provision of credit at reduced interest rates to MSMEs.

Is Meis Licence transferable?

A scheme designed to provide rewards to exporters to offset infrastructural inefficiencies and associated costs. The Duty Credit Scrips and goods imported/ domestically procured against them shall be freely transferable.

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.

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.