Spice Industry FAQ : Tax, Subsidies, Schemes - Spice Exporters Directory

Spice Industry FAQ : Tax, Subsidies, Schemes

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In India, Section 2(5) of the Finance (No. 2) Act, 1962 provides for a tax concession in the case of profits derived from the export of goods or merchandise out of India. If the export profits are set off against any losses in the process of computing the total income, no tax concession will be available.

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Duty Entitlement Passbook Scheme (DEPB) is an export incentive scheme implemented by the Indian Government to the exporters of the country. The scheme refunds duties that are paid by the exporters in the form of credit.

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Types of export incentives include export subsidies, direct payments, low-cost loans, tax exemption on profits made from exports and government financed international advertising.

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The aim of Merchandise Exports from India Scheme (MEIS) is to offset infrastructural inefficiencies and associated costs involved in export of goods or products, which are produced or manufactured in India, especially products having high export intensity, employment potential and to enhance India’s export.

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In India, It is necessary for the exporter to become a member of the appropriate export promotion council and obtain a Registration Cum Membership Certificate (RCMC) for availing benefits available to export firms from the Government like duty exemptions. These councils also provide incentives to the exporters.

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Export Promotion Capital Goods (EPCGScheme helps facilitate import of capital goods into India for producing quality goods and service and to enhance India’s export competitiveness. EPCG scheme allows for import of capital goods used in pre-production, production and post-production at zero customs duty.

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Merchandise Export from India Scheme. The Government of India has introduced Merchandise Exports from India Scheme (MEIS) through the Foreign Trade Policy (FTP) 2015-20 w.e.f. April 1, 2015. It seeks to promote export of notified goods manufactured/ produced in India.

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