India’s industries will continue to get all export promotion schemes (except SEIS) for another 12 months as India extends Foreign Trade Policy (FTP) for 1 year amidst Coronavirus pandemic.
The policy, which was scheduled to end yesterday (31 March), has been extended by another year, as a result of which the existing sops will continue till 31 March 2021.
All schemes in the FTP including Merchandise Exports from India Scheme (MEIS), Advance Authorisation, DFIA, EPCG, EOU, Deemed Export, etc. have been extended till 31 March 2021.
For MEIS shipment with Let Export Order date falling between 1 February and 31 May 2019, the applications can be filed within 15 months as against the normal time limit of 12 months.
Similarly, exemption from payment of IGST and Compensation Cess on the imports made under advance/EPCG authorisations and by EOUs, etc., has also been extended up to 31 March 2021.
Rakesh Kumar, Director General, EPCH welcomed the decision as MEIS gets extension.