To offer relief to businesses and individuals affected by the COVID-19 pandemic, India’s department of commerce recently introduced several relaxations and extensions in deadlines with regard to compliances mandated under its schemes and activities, including the Merchandise Exports from India Scheme (MEIS) and the Rebate of State and Central Taxes and Levies (RoSCTL).
The Foreign Trade Policy (FTP) 2015-2020 and Handbook of Procedures (HBP), which were valid till March 31, have been extended by an year. Export obligation periods have been extended for expired or due to expire advance authorizations and Export Promotion of Capital Goods (EPCG) scheme authorizations.
The last date for filing MEIS claims is 1 year from the Let Export Order (LEO) date of each Shipping Bill, and another 2 years beyond that with imposition of a late cut. The last date of filing MEIS claims without late cut for all Shipping Bills for which the initial one-year period expired / will be expiring on or after 1st Feb 2020 and on or before 31st May 2020, has been extended by 3 months beyond the expiry date of the initial one-year period.
For developers of special economic zone (SEZ) units, various relaxations have been allowed. The Export Credit Guarantee Corporation Ltd. (ECGC) and the Director General of Trade Remedies (DGTR) have also offered several relaxations, according to an official release.
Fibre2Fashion News Desk (DS)