Under the leadership of globally famous minister Mr. Narendra Modi, India(Bharat) is all set to thrive only for the best and nothing less.
Whether it is infrastructure, digitalization and reformation – overall combination of all three transform the present as well as the future ecosystem of India.
Today, India has a strong relations in every field like trade, energy and sustainability with the major developed countries.
Export of Merchandise and Services from India experiencing high growth rate year by year, which results in the rise of India’s GDP like never before.
List of export subsidy & incentives in India
1- Federation of Indian export organisations (FIEO) helps you to set up a free online store along with the regular trade updates to grow your business worldwide.
2- Indian Trade Portal will let you know the important tariffs or import duties that would be applicable to your products along with statistics and much more.
3- Export promotion council who runs commodity boards in order to manage each and every segment of products.
4- India Brand Equity Foundation will provide you with the necessary resources that are needed to run an export business from India to around the world.
5- India Trade Promotion Organisation organizes trade fairs and exhibitions for Indian products in front of international buyers for Indian products.
6- Merchandise Exports from India Scheme (MEIS) soon replace by RoDTEP will refund all taxes and duties levies on exporter.
A list of categories and products are mentioned in Appendix 3B of Handbook of Procedures and Appendix 3C.
7- Service Exports from India Scheme (SEIS) offers free transferable duty credit scrips which is 3-7% of the net foreign exchange earned and which should be minimum $15000.
A list of services comes under SEIS are mentioned in Appendix 3D & 3E.
8- Duty exemption or Remission schemes
- Advance Authorisation Scheme(AAS) – Exporters can import raw materials with zero custom import duty fees to manufacture exported products.
- Duty Free Import Authorisation(DFIA) – It is same as above scheme but exporter will get the benefit after export.
- Duty Drawback Scheme(DBK)– Exporters get compensation on central excise duties and custom fee on materials used to manufacture exported products.
- Rebate on State & Central taxes and Levies scheme(RoSCTL) – This scheme soon replaced by RoDTEP which will refund taxes for made-up industry like apparels (Chapter61-62).
9- Export promotion capital goods scheme(EPCG) – It allows the import of capital goods with zero custom fees to make good quality products & services.
10- Export Oriented Units(EOU) – It gives concession in compliances & taxes to the special economic zones.
11- GST Refunds
- LUT Bond – By obtaining the ‘Letter of Undertaking‘ Bond, exporters can export goods without paying any GST.
- IGST Refund – It allows exporters to claim the refund ‘Integrated GST‘ after they export the goods.
- 1% GST concession for merchant exporters – Exporter can buy goods from domestic supplier at 0.1% concessional rate.
12- Transport & Marketing assistance scheme(TMA) – It will offer the refund on freight cost to an extent for agricultural products in order to make then competitive on global level.
13- Deemed Export Benefit Scheme – It benefits exporters who goods don’t go overseas directly but indirectly like someone is supplying goods to Special Economic Zones.
14- Star Export House(Status Holder Certificate) – It recognize exporters(on the basis of volume) who contributed in the Indian foreign trade.
15- Market Access Initiative Scheme(MIA) – It support export promotion activities like trade fairs event participation, compliance costs, promotion & branding.
16- Towns of Export Excellence(TEE) – It offers financial assistance to the selected towns which has the highest amount of export overseas.
17- Interest Equalization Scheme(IES) – It offers export credits in Indian Rupee for pre & post shipments by RBI or any other respective bank.
18- NIRVIK Scheme – It provides high insurance cover and reduce the premium.
19- Production Linked Scheme – It will offer incentives to the appropriate sectors to increase production of goods.
20- Revamp Service Export from India Scheme – It will offer incentives to the appropriate sectors to increase export of services.
21- Export Credit Guarantee Corporation(ECGC) – It offer credit insurance cover or credit risk covers.
Helpful resources