The government today increased as well as extended duty benefits to certain agriculture and dairy sector items under a scheme to boost their exports. The duty benefits were enhanced and extended under the Merchandise Export from India Scheme (MEIS).
Commerce Minister Suresh Prabhu in a tweet said that: “MEIS incentives introduced/increased for milk/dairy sector, onion and deoiled soya cake for the benefit of milk producers, farmers”. The new products which would avail the MEIS benefit includes skimmed milk, milk food for babies, whole milk, condensed milk, yoghurt, buttermilk, dairy spreads, butter oil, fresh cheese and casein.
These items would get MEIS export benefits at the rate of 10 per cent till January next year from today onwards. On the other hand, MEIS rates were enhanced to nine agri products such as fresh onion, butter, ghee and processed cheese.
Under this scheme, the government provides duty credit scrip to exporters. The rates vary from product to product and and the export destination, as envisaged in the foreign trade policy. Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty.
“The MEIS benefit for certain items have been enhanced for a certain period and some new items included,” directorate general of foreign trade said in a public notice.
Source: Financial Express