Foreign Trade Policy 2015-2020 along with the procedures is extended for the year 2020-21

1. All the export incentives including MEIS, SEIS, EPCG and other benefits stand extended for the period 2020-21

2. The due date for filing SEIS application for FY 2018-19 is extended up to 31 December 2020

3. Eligible services for SEIS incentive for FY 2019-20 shall be notified

4. The decision on the continuation of SEIS incentive against the exports made from 2020-21 to be taken subsequently

5. Exemption of IGST on imports against Advance Authorization is further extended up to 31 March 2021

6. The validity of Duty-Free Import Authorization (DFIA) is extended by 6 months where the validity for import is expiring between 01 February 2020 and 31 July 2020

7. Exemption of IGST and Compensation cess on Capital goods imported under EPCG scheme is further extended up to 31 March 2021

8. The validity of EPCG authorization is extended by 6 months where the validity for import is expiring between 01 February 2020 and 31 July 2020

9. Against the exports made (LEO date) between 01 February 2019 and 31 May 2019, the application for MEIS incentive is to be filed within 15 months of the LEO date (earlier it was 12 months)

10. The validity of Advance Authorization expiring between 01 February 2020 and 31 July 2020, the validity shall be extended by 6 months from the date of expiry

11. Export Obligation period expiring between 01 February 2020 and 31 July 2020, the validity shall be extended by 6 months from the date of expiry

12. Certificate for installation of Capital Goods imported under the EPCG scheme is extended by 6 months from the original due date where the due date expires during 01 February 2020 and 31 July 2020

13. Extension of due date for discharge of Block Wise Export Obligation expiring during 01 February 2020 and 31 July 2020

14. Extension of LOP/LOI whose validity is expiring on or after 01 March 2020 shall be deemed to be valid up to 31 December 2020

15. Extension of due date for TED Refund/ Drawback – where the date of filing is falling on or after 01 March 2020, the date of filing application is extended upto 30 September 2020

16. Extension of due date for Transport and Marketing Assistance incentive – application for claim of incentive for quarter ending 31 March 2019 & 30 June 2020 may be filed before 30 September 2020

17. Late Cut – Last date of submission of application for the purpose of Late cut would be taken as 31 December 2020

Latest Updates:-

  • Introducing the Invoice Management System (IMS) on the GST Common Portal
    Introducing the Invoice Management System (IMS) on the GST Common Portal The GST Common Portal is rolling out a significant new feature designed to enhance efficiency and simplify invoice management for taxpayers: the Invoice Management System (IMS). Set to go live on October 14, IMS aims to streamline how taxpayers manage their […]
  • How Middle-Class Salaried Employees Can Optimize Taxes
    How Middle-Class Salaried Employees Can Optimize Taxes Effective tax planning plays a crucial role in increasing post-tax earnings for salaried employees, particularly in the middle-class segment. While salaried employees have fewer tax-saving avenues compared to self-employed individuals, strategic use of deductions and tax planning can significantly impact the overall net worth in the […]
  • Income Tax Audit: Rules, Types, and Why They Matter
    Income Tax Audit: Rules, Types, and Why They Matter A tax audit is essential to ensure businesses and individuals comply with income tax regulations, avoiding penalties by providing accurate financial information. Here’s everything you need to know about tax audits in India, their objectives, who they apply to, and the types […]
  • GST Registration under the Goods & Services Tax Act
    GST Registration under the Goods & Services Tax Act The Goods and Services Tax (GST) is a crucial aspect of India’s taxation system, and businesses need to adhere to its regulations. One of the first steps is GST registration, which is mandatory for entities meeting specific criteria. This process is outlined under Chapter […]
  • Section 43B(h) : Applicability, Time Limit, Disclosure & External Confirmation for MSE Payments
    Section 43B(h) : Applicability, Time Limit, Disclosure & External Confirmation for MSE Payments Section 43B(h) of the Income Tax Act, introduced by the Finance Act 2023, emphasizes timely payments to Micro and Small Enterprises (MSEs) for goods and services. This provision comes into effect on April 1, 2024, and is applicable to […]