The duty benefit under the Merchandise Export from India Scheme (MEIS) is effective from January 1 and will be applicable till March 31, 2020.The government has restored 2 per cent additional duty incentive on mobile phones export with a view to boost shipments of the product, according to a notification of the commerce ministry.
The duty benefit under the Merchandise Export from India Scheme (MEIS) is effective from January 1 and will be applicable till March 31, 2020.
“A 2 per cent additional ad hoc incentive for mobile phones is notified for exports made with let export date from January 1 to March 31, 2020,” theDirectorate General of Foreign Trade (DGFT) has said in a notification.
ET had reported on January 10 that the government may continue the additional 2 per cent duty incentive under MEIS after the issue was discussed at the Prime Minister’s Office. The additional 2 per cent benefits under MEIS were announced in August to help exporters who had claimed that delayed Goods and Services Tax (GST) refunds were hurting business.
The directorate on December 7 last year had reduced this export incentive from 4 per cent to 2 per cent for all exports except garments and made-ups on December 31.
As per estimates, mobile phone exports grew from Rs 1,300 crore in 2017-18 to over Rs 25,000 crore at present.