Types of Export Incentives Scheme in India: All You Need to Know
Exports contribute to the creation of jobs, the expansion of foreign exchange reserves, and the reduction of the current account deficit. These are the primary motivations for the Indian government to implement export incentive programs. Here's a comprehensive overview of the numerous export incentives offered by the Indian government to promote exports. Export Incentives Scheme in India: For Products 1. Merchandise Export from India Scheme (MEIS) The MEIS scheme, which issued duty credit scrips as export benefits, was launched by the Indian government to reimburse exporters for tariffs paid. The export incentive was calculated as a fixed percentage of the FOB value of the notified items and ranged between 2%, 3%, 5%, and 7% of the FOB value, based on three market segments as listed in Appendix 3B. With effect from January 1, 2021, the MEIS program has been replaced with the RoDTEP system, which is WTO-compatible. 2. Remission of Duties and Taxes on Exported Products (RoDTEP) Sche