ANNOUNCEMENT 24 May 2018

The export incentive on dried onions has been increased from 3% to 5%.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 24 May 2018 | Removal date: 31 Dec 2020

Tax-based export incentive

On 24 May 2018, the Indian Ministry of Commerce and Industry through Public Notice No. 11/2015-2020 increased the export incentive on dried onions from 3% to 5% of FOB value of such exports.

This incentive is provided under the Merchandise Export Incentive Scheme, under the Foreign Trade Policy 2015-2020, that issues duty credit scrips, which can be used for payment of other tax liabilities.

On 31 March 2020, the Ministry of Commerce and Industry announced that the existing Foreign Trade Policy, which were to expire on 31 March 2020, will be extended till 31 March 2021.

On 15 April 2020, the Ministry of Commerce and Industry notified through Trade Notice 03/2020-21 that the benefits under the MEIS scheme will be available until 31 December 2020, unless the incentive on the product is replaced by the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.

AFFECTED SECTORS

 

AFFECTED PRODUCTS