ANNOUNCEMENT 09 Jul 2012
In July 2012, the government of India announced a change in the tax legislation for exporters.
NUMBER OF INTERVENTIONS
List of Focus Product Markets
On 9 July 2012, the Indian Ministry of Finance allowed exemptions to exporters under the Focus Market Scheme from payments of local excise duties (taxes on domestic production).
The Focus Market Scheme was launched in 2006 to offset high freight costs and other externalities for exports to certain markets. Exporters to these notified markets are entitled to a Duty Credit Scrip of 3% of the F.O.B value of exports that can be used to pay off various dues to the government. Currently the scheme includes more than 100 countries.
The Focus Market Scheme expired with the launch of the new Foreign Trade Policy in April 2015.