Merchandise Export from India Scheme (MEIS) | |
---|---|
Country | India |
Prime Minister(s) | Narendra Modi |
Launched | April 1, 2015 |
Website | official website |
The Merchandise Export from India Scheme (MEIS) is a government initiative implemented by the Government of India with the objective of encouraging exports. [1] [2] It was launched on April 1, 2015, as a part of the Foreign Trade Policy (FTP) to boost India's exports of goods and services. [3] [4]
MEIS aims to incentivize and support Indian exporters by providing them with financial assistance in the form of duty credits. [5] Under this scheme, exporters are granted transferable duty credits that can be used to pay various duties, including basic customs duty, countervailing duty, and special additional duty. [6] These credits can be utilized for both the payment of customs duties on imported goods and the payment of excise duty on domestic procurements. [7]
To be eligible for MEIS benefits, exporters need to fulfill certain criteria. They must have a valid Importer-Exporter Code (IEC) and should have exported goods under the specified list of eligible sectors and products. The scheme covers a wide range of sectors, including manufacturing, agriculture, textiles, handicrafts, engineering goods, chemicals, and electronics. [8] [9]
The MEIS is implemented and administered by the Directorate General of Foreign Trade (DGFT), which operates under the Ministry of Commerce and Industry, Government of India. The DGFT is responsible for issuing duty credit scrips and monitoring the scheme's implementation.
The scheme has undergone periodic revisions to accommodate changing export priorities and to align with international trade agreements. The DGFT periodically updates the list of eligible sectors and products and revises the rates of duty credit scrips based on market conditions and trade objectives.
The MEIS has faced certain criticisms and controversies. Some critics argue that the scheme may encourage export dependency and discourage domestic manufacturing. Others have raised concerns about potential misuse or abuse of duty credit scrips, leading to revenue losses for the government. [10] [11]
The economy of Vietnam is a developing mixed socialist-oriented market economy, which is the 36th-largest in the world as measured by nominal gross domestic product (GDP) and 26th-largest in the world as measured by purchasing power parity (PPP) in 2022. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization.
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade.
Dumping, in economics, is a kind of injuring pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price below the normal price with an injuring effect. The objective of dumping is to increase market share in a foreign market by driving out competition and thereby create a monopoly situation where the exporter will be able to unilaterally dictate price and quality of the product. Trade treaties might include mechanisms to alleviate problems related to dumping, such as countervailing duty penalties and anti-dumping statutes.
An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an exporter; the foreign buyers is an importer. Services that figure in international trade include financial, accounting and other professional services, tourism, education as well as intellectual property rights.
Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. Such barriers are subject to controversy and debate, as they may comply with international rules on trade yet serve protectionist purposes.
In international trade, market access refers to a company's ability to enter a foreign market by selling its goods and services in another country. Market access is not the same as free trade, because market access is normally subject to conditions or requirements, whereas under ideal free trade conditions goods and services can circulate across borders without any barriers to trade. Expanding market access is therefore often a more achievable goal of trade negotiations than achieving free trade.
Custom brokers or Customs House Brokerages are working positions that may be employed by or affiliated with freight forwarders, independent businesses, or shipping lines, importers, exporters, trade authorities, and customs brokerage firms.
Taxes in India are levied by the Central Government and the State Governments by virtue of powers conferred to them from the Constitution of India. Some minor taxes are also levied by the local authorities such as the Municipality.
DEPB (Duty Entitlement Pass Book ) is an export incentive scheme of Indian Government provided to Exporters in India.
The Directorate General of Foreign Trade (DGFT) is the agency of the Ministry of Commerce and Industry of the Government of India responsible for administering laws regarding foreign trade.
In Pakistan, cottage or household industries hold an important position in rural set-up. Most villages are self-sufficient in the basic necessities of life. They have their own carpenters, cobblers, potters, craftsmen and cotton weavers. Many families depend on cottage industries for income.
The State Customs Committee of Azerbaijan Republic is a governmental agency within the Cabinet of Azerbaijan in charge of customs clearance for imports and exports, and regulation of all customs activities within Azerbaijan Republic. The committee is headed by Safar Mehdiyev.
The Indian Trade Service (ITS) is a civil service under Group A of the Central Civil Services of the executive branch of the Government of India. It was created as a specialized cadre to handle India's international trade & commerce on the basis of the recommendations of the Mathur Committee in 1965. At present Directorate General of Foreign Trade (DGFT), under Ministry of Commerce, is the cadre controlling authority of the ITS. DGFT has 38 regional offices across India, and plays a significant role in promoting India's international trade with its policy formulation and implementation.
The United States imposes tariffs on imports of goods. The duty is levied at the time of import and is paid by the importer of record. Customs duties vary by country of origin and product. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source. Customs rules differ from other import restrictions. Failure to properly comply with customs rules can result in seizure of goods and criminal penalties against involved parties. The United States Customs and Border Protection (CBP) enforces customs rules.
Foreign trade in India includes all imports and exports to and from India. At the level of Central Government it is administered by the Ministry of Commerce and Industry. Foreign trade accounted for 48.8% of India's GDP in 2018.
The Nigerian Export Promotion Council (NEPC) was established through the promulgation of the “Nigerian Export Promotion Council Decree No. 26 of 1976”, now an Act in line with the democratic governance of the Country.
The Union List, also known as List-I, is a list of 97 numbered items given in Seventh Schedule in the Constitution of India on which Parliament has exclusive power to legislate. The legislative section is divided into three lists: the Union List, State List and Concurrent List. In India, residual powers remain with the Central Government. This makes the government of India similar to the Canadian federal government, and different from the governments of the United States, Switzerland, or Australia.
The Directorate General of Customs and Excise is an Indonesian government agency under Ministry of Finance that serves the community in the field of customs and excise. The Directorate General of Customs and Excise has the duty to organize the formulation and implementation of policies in the field of supervision, law enforcement, service and optimization of state revenue in the field of customs and excise in accordance with the provisions of legislation. The directorate also carry out some basic tasks of the Ministry of Finance in the field of customs and excise, in accordance with policies established by the Minister and securing government policies relating to the traffic of goods entering or leaving the Customs Area and the collection of import duties and excise and other state levies based on legislation apply.
The Indian Revenue Service , often abbreviated to I.R.S. (C&CE), or simply IRS C&IT, is a part of central civil service of the Government of India. It functions under the Department of Revenue of the Ministry of Finance and is under the administrative direction of the Revenue Secretary and the ministerial command of the Minister of Finance. The IRS is primarily responsible for collecting and administering indirect taxes accruing to the Government of India. It is one of the largest civil service amongst the organised civil services in the Indian government and serves the nation through discharging sovereign functions of collection of revenue for development, security and governance.