On 9th September Thursday, The Commerce and Industry Minister Piyush Goyal said that the government will clear all arrears under various export-incentive schemes to help exporters, and also informed that the Government of India has decided to release a budget of Rs 56,027 Cr in FY 2021-22 for various export incentive schemes.
The amount would be incentivized under MEIS, SEIS, RoSL, RoSCTL, other scrip-based schemes, and also the remission support would be given under RoDTEP and RoSCTL for exports made in the 4th quarter of FY 20-21 in the same amount as per the Ministry.
There are more than 45,000 exporters out of which 98% are small exporters in the MSME category who will get benefitted through this move.
Important Announcement by Commerce Minister
- The amount that will be refunded is over and above duty remission of Rs 12,454 crore for the RoDTEP scheme and Rs 6,946 crore for the RoSCTL scheme which was announced in the last 2 months.
- All sectors covered under MEIS Scheme, such as Pharmaceuticals, Iron and steel, Engineering, Chemicals, Fisheries, Agriculture and Allied Sectors, Auto and Auto Components would be able to claim benefits for exports made in earlier years.
- The apparel sector would get past arrears under ROSCTL and ROSL.
- Service sector exporters, including those in the travel, tourism, and hospitality segments will be able to claim SEIS benefits for FY 2019-2020.
- Last year Export claims will need to be filed by the exporters by 31st December 2021 beyond which they will become time-barred.
The amount released for scrip based schemes
Refer to the image below to know the amount going to release under various scrip based schemes
The application window for MEIS, SEIS, ROSL, RoSCTL are closed on a temporary basis.
Now after the budget allocation, the portal will soon be enabled to accept the applications under the above export incentive schemes.