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:-
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.
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.
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.
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.
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.
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