ANNOUNCEMENT 02 Mar 2009
In March 2009, the government of India announced a change in the tax legislation for exporters.
NUMBER OF INTERVENTIONS
Public Notice No. 155 (RE-2008) / 2004-2009
On 2 March 2009, the Government of India, vide Public Notice No. 155 (RE-2008) / 2004-2009, granted benefits of 2.5% of export value under the Focus Product Scheme to marble and travertine slabs, tiles, blocks and products.
These products were listed as High Value Added Manufactured Goods, under Table 9 of Appendix 37D, Handbook of Procedures (RE-2008). Benefits for products listed in Table 9 were granted with effect from 1 April 2008.
The FPS grants eligible exporters with duty credit scrips worth upto the value of 2% FOB value of exports, which scrips may then be used to pay various dues to the government and, under some conditions, be transferred in the open market.
The implementation date is set to 2 March 2009 because trade flows may only have responded after the announcement. These rates are valid under the Foreign Trade Policy 2004-09 and may have changed after the introduction of the new FTP 2009-14.