Incentive Benefits of Import & Export Schemes in India

Import and Export are part and parcel of business. There are several incentive schemes and benefits in India over trade providing an advantage for trading and payments of customs duties. Once duty credit scrips are issued one can avail the benefit of getting a discount while making payment with customs. Some of the common and most availed Export Incentive Schemes and benefits are:-

• MEIS
• SEIS
• Assistance from trade promotion councils and commodity Boards
• Duty Exemption and Remission Scheme for Exporters
• The import & export benefit of duty-free import authorization

MEIS 

This scheme was implemented by merging various schemes of government, it provides several benefits to exporters on export items and helps in the creation of duty credit scrips that aids with attaining incentives at the time of paying customs duty. MEIS also assists in the payment of excise duty, service tax, procurement of goods and services, etc.

SEIS

Under this scheme, the benefit is given to Indian Service providers to promote foreign brands in India and to increase demand. The concept of SEIS is described in the Foreign Trade Policy of India for benefitting Indian service providers.

Assistance from trade promotion councils and commodity Boards

Assisting exporters with new schemes that will increase the financial stability of a business and will promote trade and trade-related services. It will also create interest in traders to attend trade fairs and development programs.

Duty Exemption and Remission Scheme for Exporters

There are various exemptions under the advance authorization scheme which allow the importer to import without duty payment for import & export. Licensing authorities provide the importer with a specified percentage of exemption on certain services.

The export benefit of duty-free import authorization

• Duty-Free Import Authorization
• Duty-free replenishment certificate
• Advance License
• Duty Entitlement Pass Book
• Export Promotion Capital Goods

These all schemes aid you in importing goods and products at a discounted rate from the licensing authority. After the introduction of various schemes, the scope of import & export has been widened.

BENEFITS TO SPECIAL GROUP OF EXPORTERS

1. They hold special status and are benefited from government schemes
2. MSME/SSI Benefits promoting exports.
3. Zero Excise Duty on manufactured goods.
4. Income Tax Benefits
5. Benefits of Electronic Hardware Technology Park
6. Benefits of Foreign Equity Permission
7. Advantages of Second-hand Capital goods
8. Re-export of capital goods
9. Advantages for Agri Export Zone
10. Assistance to export and Import with Incentives.

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JALESHWAR PRASAD

I want to know the benefits available on Import & export , any benefit on import from china

dipen G Shah

wants to know how individual person can start import business