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Several Relief Measures Announced by Government under Foreign Trade Policy 2015-20

In view of the unprecedent current situation arising out of pandemic COVID-19, the Government has decided to continue relief under various export promotion schemes under Foreign Trade Policy 2015-20 (“FTP”). These relief will help industries to boost their trade or business and adding to their cash flows. Several reliefs have been announced to support trade and industry and the points of changes are as follows:

  1. The extension of validity period: The Duty Credit Scrips issued between the period 01.03.2018 and 30.06.2018 shall be valid for usage till 30.09.2020.
  2. MEIS applications: The late cuts attracted as on 01.03.2020, the period between 01.03.2018 and 30.06.2018 shall not be counted and the last date for submission for various categories of applications with applicable cuts will be redetermined by the Government soon.
  3. SEIS applications:
  4. Last date for submission of SEIS application for FY 2016-17 with late cut of 10% has been extended till 30.06.2020 and after the benefit become lapse.
  5. Last date for submission of SEIS application for FY 2017-18 with late cut of 5% shall continue to be applicable for submissions till 30.06.2020 and thereafter late cut of 10% would be applicable for applications submitted till 31.03.2021.
  6. Amendments in Appendix 3B, Table 2 of MEIS: There are five ITC HS codes which has been amended in recent amendments with applicability from 01.01.2017 till 06.03.2019.
MEIS SI. No. Existing ITC HS Code as notified vide PN 61 dated 07.03.2017 Amended ITC HS Code to be applicable with effect from 01.01.2017 till 06.03.2019
4258 63025100 63025190
4288 63049240 63049249
4293 63049280 63049289
4295 63049290 63049299
4300 63049990 63049999
  1. Under Para 4.37 of Handbook Procedure (HBP) 2015-20, Gopalpur port has been added in the Sea-ports as a port of registration for various schemes under FTP 2015-20.

(The above amendments have been brought up by the Government through public notice no. 08/2015-20, 09/2015-20 dated 1st June 2020 and 06/2015-20 dated 22nd May 2020)

 

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