Benefits of starting an export business in India
Updated: May 1
Hi guys,
Today, I would like to talk about the benefits, financial assistance, and support provided by the Indian government and other agencies to exporters in India. Here are the top 10 bulletins:
The MEIS (Merchandise Exports from India Scheme) provides duty credit scrips to more than 5000 export items to help exporters pay customs duties for import of inputs or goods, excise duties on domestic procurement of inputs or goods, service tax on procurement of services, and customs duty and fee.
The SEIS (Service Exports from India Scheme) provides benefits to service providers of India, including foreign brands of Indian companies.
The Trade Promotion Councils and Commodity Boards offer Market Development Assistance (MDA), Market Assistance Initiative (MAI), financial support to attend Trade Fairs, and other information supports.
The Advance Authorization Scheme (AA scheme) allows inputs to be imported duty-free for export purposes, with a minimum value addition of 15%.
The Duty Drawback Scheme refunds duty paid inputs against exported products.
The Rebate of Service Tax Scheme reimburses service tax paid on specified output services used for export of goods at specified all industry rates fixed by the authority.
The DFIA (Duty Free Import Authorization) scheme supports exporters by providing free import of inputs.
The DEPB (Duty Entitlement Pass Book) scheme allows exporters to claim import customs duty credit to neutralize customs import duty against the export of goods.
The EPCG (Export Promotion Capital Goods) scheme helps exporters to import capital goods with zero import duty for the purpose of production of export products.
The various organizations and agencies supporting exporters in India include the DGFT (Director General of Foreign Trade), Trade Promotion Councils and Commodity Boards, Export Promotion Councils, and Export Credit Guarantee Corporation of India.
In conclusion, the Indian government and other agencies offer a range of financial assistance, benefits, and support to exporters in India. These schemes are designed to boost exports and provide incentives to Indian exporters to compete globally. As always, it is important for actual beneficiaries to confirm the validity of these schemes with the concerned authorities.
Summary:
The Indian government and other agencies provide various benefits and financial assistance to Indian exporters. The MEIS and SEIS schemes provide duty credit scrips to help exporters pay customs duties and taxes. The Trade Promotion Councils, Commodity Boards, and Export Promotion Councils offer financial support for market development and attending trade fairs. The Advance Authorization and DFIA schemes allow duty-free import of inputs for export purposes. The Duty Drawback Scheme, Rebate of Service Tax Scheme, and DEPB scheme refund or credit duty paid on inputs used in export. The EPCG scheme provides zero import duty on capital goods used for export production. These schemes are aimed to boost exports and provide incentives for Indian exporters to compete globally.