MEIS scheme – Methods to declare incentives on lapsed / expired transport payments

MEIS scheme – Methods to declare incentives on lapsed / expired transport payments

The Merchandise Exports from India Scheme (MEIS) is a duty-free scheme for export of products manufactured in India. It was launched on 1 April 2015. The scheme is relevant to all varieties of items, besides prohibited and restricted objects, as listed in Schedule I and II of the International Commerce Coverage 2012-2015.

Merchandise exports from India scheme (MEIS) is an export promotion scheme for Indian producers, exporters and repair suppliers. MEIS gives obligation free entry to Indian manufactured items for exports to nations with which India doesn’t have a bilateral Free Commerce Settlement (FTA). The scheme has been launched with the target of offering an incentive for exports, thereby serving to within the progress of exports and employment alternatives within the nation.

Everyone seems to be conscious that MEIS window for all of the years has expired now and the exporters are now not capable of apply for MEIS. So what’s to be executed if a few of your transport payments have expired/lapsed resulting from any causes? Will you be capable of get profit on these transport payments or not?

The reply is Sure, You may nonetheless declare profit on these expired transport payments by making use of to the Coverage Leisure Committee (PRC Committee) at DGFT HQ, New Delhi and take a particular approval.

So on this weblog, we are going to focus on about all of the circumstances that may get cleared within the PRC committee and also you may be capable of declare the advantages. Please learn the weblog all over.

 

Case 1 – Cost realized inside 3 years from LEO Dt. however e-brc not uploaded by Banker on time.

As everyone is aware of, that e-brc is a compulsory doc to be submitted for MEIS declare. On this case e-brc was not generated on time. It is a mistake/delay on a part of the banker and the exporter shouldn’t be at fault, therefore, such a circumstances can get the approval from PRC committee.

Case 2 – Delivery Payments Not transmitted from Customs inside time, however now transmitted.

Likewise, on this occasion, the error/delay is on the a part of Customs/on-line system and there’s no fault of exporter. Such sort of circumstances also can get approval. However the exporter has to ensure that the SB is now transmitted by the Customs and is obtainable within the DGFT server for software.

Case 3 – IEC was in Alert or Defaulter Listing (DEL Listing), and now it isn’t.

For the reason that DGFT system doesn’t enable to make an software when the exporter is in DEL record resulting from any causes. As soon as the Exporter clears the pending difficulty and is out of the DEL record, then he can strategy the PRC Committee to get a particular approval to say MEIS on all of the expired/lapsed Delivery Payments.

Case 4 – Cost obtained after 3 years from LEO Dt. Of Delivery Payments

So what if Cost obtained after 3 years from LEO Dt. Of Delivery Payments, Largely the PRC committee is rejecting such circumstances for MEIS Declare, except there’s a very real purpose and benefit within the case.

Case 5 – Delivery Payments expired resulting from untimely Closure of MEIS window

As all conscious, for a four-month software interval i.e. September 2020 to December 2020, the Final date of software was 31st August 2022. So virtually exporters obtained solely approx. 1.5 yrs. of time from the SB date to say the advantages. Whereas RBI permits cost to be realized until 3 yrs. from LEO Dt. What if the exporter has realized cost after 1.5 yrs., however inside 3 yrs. as per RBI restrict? So in all such circumstances additionally, the exporter shouldn’t be at fault and might apply to PRC committee for particular approval.

Over and above all of the above factors, if any real problem was confronted by the exporter, when it was made to shuffle between two authorities for getting the work executed, and in the intervening time the SB or Invoice of Export obtained expired, then there’s benefit within the case and Leisure could also be granted.

 

DISCLAIMER:

Expensive viewers please observe that these are simply the rules that we’re sharing and it doesn’t assure you any leisure. The last word resolution shall be taken by the PRC committee on a case to case foundation and on benefit.

 

How can we aid you?

We at Afleo Group, are a crew of DGFT & Customs Consultants having a wealthy expertise of 10+ Years in Exim Consultancy & Worldwide Logistics. With our huge data and expertise on this discipline we are able to symbolize your case in entrance of the PRC Committee and guarantee mandatory particular approvals.

So do get in contact with us for any of your necessities and our crew shall be glad that can assist you.

Tell us you probably have any queries or necessities of such circumstances.

We request you to share this weblog along with your different Business pals, Commerce associations, as this info may assist them as properly.

Thank You.