We are pleased to
release a tax alert on the Foreign Trade Policy (FTP) 2015-2020 which was
announced by Ms. Nirmala Sitharaman, Minister of State for Commerce and
Industry, on 1st April 2015.
The new FTP provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, integrating the “Make in India”, “Digital India” and “Skills India” initiatives of the Government. It introduces two schemes namely “Merchandise Exports from India Scheme” (MEIS) for export of specified goods to specified markets and “Services Exports from India Scheme” (SEIS) for exports of notified services, in place of the schemes issued earlier.
A detailed FTP Statement was also released along with the FTP that explains the vision, goals and objectives and lays down a road map for India’s global trade engagement in the coming years. It describes the market and product strategy and measures required for trade promotion, infrastructure development and overall enhancement of the trade ecosystem.
In recent times, SEZs have been facing several challenges. In order to give boost to exports from SEZs, it has been decided to extend the benefit of both the reward schemes (MEIS and SEIS) to units located in SEZs. This will benefit the manufacturing sector in terms of both technology transfer and gainful employment.
New nomenclature is also given to Status Holders along with revision in the criteria for export promotion for recognition of Status Holders, from Rupees to US Dollars earnings.
Also the FTP aims to promote trade facilitation and ease of doing business by undertaking simplification of procedures, digitization, e-governance initiatives, online filing of documents/application, paperless trade, online inter-ministerial consultation etc.
The new FTP provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, integrating the “Make in India”, “Digital India” and “Skills India” initiatives of the Government. It introduces two schemes namely “Merchandise Exports from India Scheme” (MEIS) for export of specified goods to specified markets and “Services Exports from India Scheme” (SEIS) for exports of notified services, in place of the schemes issued earlier.
A detailed FTP Statement was also released along with the FTP that explains the vision, goals and objectives and lays down a road map for India’s global trade engagement in the coming years. It describes the market and product strategy and measures required for trade promotion, infrastructure development and overall enhancement of the trade ecosystem.
In recent times, SEZs have been facing several challenges. In order to give boost to exports from SEZs, it has been decided to extend the benefit of both the reward schemes (MEIS and SEIS) to units located in SEZs. This will benefit the manufacturing sector in terms of both technology transfer and gainful employment.
New nomenclature is also given to Status Holders along with revision in the criteria for export promotion for recognition of Status Holders, from Rupees to US Dollars earnings.
Also the FTP aims to promote trade facilitation and ease of doing business by undertaking simplification of procedures, digitization, e-governance initiatives, online filing of documents/application, paperless trade, online inter-ministerial consultation etc.
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