The unified nature of Foreign Trade Policy (2015-20) means that you can save some workdays as an exporter due to the combined processes across the department. Apart from exports, the benefits have expanded to smaller auxiliary industries performing exports or manufacturers.
They are the one who supplies to exporters with unified input credits, GST refunds, and drawbacks coming in place. The main idea was to promote skills in India, Make in India, MSME exporters and impact the world trade with wider sectors such as agriculture, defense as well as big conglomerates.
The government restructured multiple things by merging them into two different schemes - Service Exports from India Scheme (SEIS) and Merchandise Exports from India Scheme (MEIS). Export Promotion Capital Goods (EPCG) Schemes enable to import of capital goods to enhance India’s export efficiency.
It has also been customized to include more domestic Indian markets in its ambit. The complete process assisted the system to be less corrupted, faster, and efficient. The process has become much simpler and starts with an Importer Exporter Code (IEC), opening an online bank account to register for an Export Oriented Unit (EOU), Export Promotion Council (EPC), and then putting up all the documents on the customs portal.
The next step with refunds on GST coming through and duty drawbacks is exporting the product which helps in the continuous functionality of the industry. People can save many work-days since he/they don’t need to send couriers, fax, and scan to innumerable government offices departments, banks, or buyers. This initiative will not only exporters but also a wide range of businesses.
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