New Delhi: The textile ministry has announced a special one-time additional ad hoc incentive of up to 1% of free on board (FoB) value for exports of apparel and made-ups.

As per the recommendations of the Expenditure Finance Committee (EFC), the incentive will be provided to offset the difference between the newly notified rebate on state and central taxes and levies (RoSTCL) and the previous rebate on state levies (RoSL) and the Merchandise Exports from India Scheme (MEIS, a ministry notification said. Effective retrospectively, exporters of apparels and made-ups will be able to avail incentives up to 1% of the FoB value for each line in a shipping bill for those exports which have received lesser benefits under the RoSCTL as against the RoSL and MEIS.

The period for which exporters can make claims for the incentive is from March 7, 2019, to December 31, 2019, with the amount capped at Rs 600 crore. While the notification has specified that claims are applicable for those exports that received MEIS at 4%, the RoSL provides for rebates anywhere between 1.2% to 3.9% for the exports in question.

Brent was last seen 3 cents up at $64.65.

Published On : 17-01-2020

Source : Economic Times