New Delhi, Sep 27 (PTI) The Commerce Ministry Thursday removed the value limit for exports through post but has fixed Rs 5 lakh cap in case of overseas shipments through courier services. Also Read - Ajay Devgn Birthday: 11 Famous Dialogues of Actor That Every Movie Buff Knows by Heart
“The value limit stipulated on exports through post…has been done away with. The value limit of Rs 5 lakh will be applicable only in case of courier exports,” the Directorate General of Foreign Trade (DGFT) said in a notification. Also Read - China Reveals Over 1,300 Asymptomatic Cases of Coronavirus
Exporters’ body FIEO said the move gives an edge to shipments through foreign post offices over couriers. Also Read - Total COVID-19 Count Reaches 1834; Maharashtra, Kerala, Tamil Nadu Report Highest Cases, Death Toll at 41 | Top Points
In a separate notification, the directorate said imports under three duty exemption schemes — advance authorisation, EPCG (export promotion capital goods), and EOU (export oriented units) — would be exempted from integrated goods and services tax (IGST) and compensation cess till March 31, 2019.
Advance authorisation, a duty exemption scheme, is issued to manufacturing exporters for duty-free import of input, which is physically incorporated in export product.
Similarly, EPCG scheme allows import of capital goods for pre-production, production and post-production at zero customs duty for export purposes.
Units undertaking to export their entire production of goods and services may be set up under the EOU scheme.
Objectives of these schemes are to promote exports, enhance foreign exchange earnings, attract investment for export production and employment generation.
Since 2011-12, India’s exports have been hovering at around USD 300 billion. During 2017-18, the shipments grew by about 10 per cent to USD 303 billion.
Promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange.
This is published unedited from the PTI feed.