Government announces disbursement of the benefits under various export promotion schemes

This  Alert summarizes a recent Press Release  issued by the Ministry of Commerce & Industry announcing allocation of funds by Central Government for various export promotion schemes.

The key announcements are:

• INR 56,027 crores is allotted in the current financial year for disbursement of pending export incentives under various schemes viz., Merchandise Exports from India Scheme (MEIS), Service Exports from India Scheme (SEIS), Rebate of State Levies (RoSL), Rebate of State and Central Taxes and Levies (RoSCTL), Remission of Duties and Taxes on Exported Products (RoDTEP)[2] and other legacy schemes like Target Plus etc.
• The above stated amount is over and above the budgeted outlay of INR 12,454 crores for RoDTEP and INR 6,946 crores for RoSCTL scheme already announced for exports made in FY 2021-22.
• The amount would be disbursed to more than 45,000 exporters, out of which, 98% are small exporters in the Micro, Small & Medium Enterprises (MSME) category.
• Service sector exporters will be able to claim SEIS benefits for FY 2019-20. Revisions in service categories and rates are being notified.

Eligible exporters are required to file export claims relating to earlier years by 31 December 2021. The online portal will be enabled shortly to accept scrip-based applications and would be integrated with a mechanism to monitor provisioning and disbursement of export incentive