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The outbreak of the COVID-19 pandemic has forced the government of India to extend its Foreign Trade Policy 2015-20 for one more year till 2021.
The extension includes all the existing incentives including the Merchandise Export from India Scheme(MEIS) and the Export Promotion Capital Goods(EPCG).
Key Highlights of Foreign Trade Policy 2015-20
Foreign policy will enable India to respond effectively to the dynamic external environment and increase its economic growth by increasing its export share in the global trade.
The policy aimed at creating a better environment for ‘Ease of Doing business’ and to support both the manufacturing and services sectors.
It provides a supporting structure for:
- Generation of employment
- Increase exports of goods and services
- Increasing capital assets of the country in line with the ‘Make In India’ programme.
Changes Made In Foreign Trade Policy
The validity of benefits under export promotion schemes except for Service Export from India Scheme(SEIS) will be extended for another 12 months.
The time period for filing various returns has been extended.
The validity period of:
- Letter of permission
- Letter of intent granted to EOU units in STPs/EHTPs/BTPs have been further extended up to 31 December 2020.
The dates for applying for duty credit scrips have been extended.
Exemptions from payment of:
- Integrated Goods and Services Tax
- Compensation cess on imports, etc, have been extended.
The Scheme which includes ‘ transport marketing assistance on the specified agricultural products’ is extended.