Saturday, 26 April 2014

INCREMENTAL EXPORTS INCENTIVISATION SCHEME (IEIS)

1.As per Incremental Exports Incentivisation Scheme (Notification No.27 (RE-2012)/2009-2014, Dated 28th of December 2012) of DGFT, an IEC holder would be entitled for a duty credit scrip @ 2% on the incremental growth (achieved by the IEC holder) during the period (a) 01-Jan-13 to 31-Mar-13 compared to the prev period from 01-Jan-12 to 31-Mar-12 (Three months)
(b) 01-Apr-13 to 31-Mar-14 compared to the prev period from 01-Apr-12 to 31-Mar-13 (Full F.Y) on the FOB value of exports. Incremental growth shall be in respect of each exporter (IEC holder) without any scope for combining the exports for Group Company. 

2.The scheme is region specific and will cover exports to USA, European and Asian countries only (except
exports to Singapore, U.A.E and Hong Kong) - for (a) above
-> The scheme is region specific and will cover exports to Latin American and African
countries also- for (b) above.

3. . The following exports shall not be taken into account for calculation of export performance or for computation of entitlement under the Scheme:
-> Export of imported goods or exports made through trans-shipment.
-> Export from SEZ / EOU / EHTP / STPI / BTP / FTWZ
-> Deemed Exports
-> Service Exports
-> Third Party exports
-> Diamond, Gold, Silver, Platinum, other precious metal in any form including plain and studded jewellery and other precious and semi-precious stones.
-> Ores and concentrates of all types and in all formations.
-> Cereals of all types.
-> Sugar of all types and all forms.
-> Crude / petroleum oil and crude / primary and base products of all types and all formulations.
-> Export of milk and milk products.
-> Export performance made by one exporter on behalf of other exporter.
-> Supplies made to SEZ units.
-> Items, export of which requires an export authorisation (except SCOMET), will not be considered.
-> Export of Meat and Meat Products.

As per Public Notice No. 41 /2009-2014:-had mandated filing of applications for incremental export during the period 1.1.2013-31.3.2013 vis-a-vis 1.1.2012-31.3.2012 in ANF 3F. Application for obtaining Duty Credit Scrip shall be filed within a period of twelve months from the date of export or within six months from the date of realization or three months from the date of printing / release of shipping bill, whichever is later, in respect of shipments for which claim is being filed.

Disclaimer:  The entire contents of this document have been prepared on the basis of relevant Act and as per the information existing at the time of the preparation. Though utmost efforts has made to provide authentic information, it is suggested that to have better understanding kindly  cross-check  the same with incentives available in Foreign Exchange Management Act

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