AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
Tax-based export incentive
On 7 October 2015, as per an official Press release India increased the funds allocation for exports under the Merchandise Exports Incentive Scheme (MEIS) for the financial year 2015 (until 31 March 2016) from INR 18,000 crore (USD 2771 million) to INR 21,000 crore (USD 3233 million). The MEIS, announced in April 2015 with the new Foreign Trade Policy, provides tax credits ranging from 2-5% of the export value of more than 3500 products. The product scope and credit amount depend on the destination country.
The countries belonging to MEIS Country Group C are a diverse set of 64 nations. For exports to those countries, a total of 1226 products (defined at the HS 8-digit level) are eligible for the incentives.
The countries belonging to Group C are Afghanistan, Albania, American Samoa, Andorra, Anguilla, Aruba, Australia, Bangladesh, Bhutan, Bosnia & Herzegovina, Cook Islands, Eritrea, Faeroe Islands, Fiji, French Polynesia, Greenland, Guam, Vatican, Hong Kong, Iceland, Kiribati, Liechtenstein, Macao, Macedonia, Maldives, Marshall Islands, Mayotte, Micronesia, Monaco, Mongolia, Montenegro, Nauru, Nepal, New Caledonia, New Zealand, Niue, Norfolk Island, Northern Mariana Islands, Norway, Pakistan, Palau, State of Palestine, Papua New Guinea, Pitcairn, Puerto Rico, Saint Pierre & Miquelon, Saint-BarthÃ©lemy, Saint-Martin, Samoa, San Marino, Serbia, Solomon Islands, Sri Lanka, Svalbard & Jan Mayen Islands, Switzerland, Timor-Leste, Tokelau, Tonga, Tuvalu, Vanuatu, Wallis & Futuna Islands, Western Sahara, DPR Korea and South Sudan.
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