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Video instructions and help with filling out and completing Will 8850 Form Incentives

Instructions and Help about Will 8850 Form Incentives

Export from India schemes under Chapter three for the foreign trade policy there are schemes which provide benefits to exporters of certain goods or services the objective of the scheme is to reward the exporter to offset the infrastructural inefficiencies and other costs that the exporters face while exporting from India the reward is equivalent to a percentage of the total export value this is given to provide the Indian exporter a level playing field in the international market the rewards are given under two schemes merchandize exports from India scheme M II is service exports from India scheme S II is are you eligible for such benefits not all exports are eligible for Mei s benefits whether an export item is eligible and what is the percentage of reward is based on the type of item and the country of export this can be checked on the d GFT website under important links or under appendix three B of the FTP ami is benefits are also given for export of goods through Korea or foreign post offices and their e-commerce besides the export through standard land sea and airports similarly for SE is only the list of notified services is eligible for benefits the notification is available on the DG FD website what are the benefits under ami is the reward given is a percentage of the total value of the export measured in fo B terms this would range between two to five percent usually if Oh B stands for free on board by F OB we mean the price of goods at the time of loading at the domestic port and do not include loading shipment and insurance costs the rewards are given not in cash but in terms of freely transferable duty credit scripts these scripts are financial pieces of paper of a stated value which can be used to pay customs duty excise duty or service tax alternatively if the owner does not require it to pay any tax they can transfer it to another entity of course the other entity would pay you money for that and therefore these scripts are almost as good as cash how to apply one while filing the shipping bill at the time of export the declaration of intent that one wishes to claim benefits under Mei is should be filled only then the shipping bill is electronically transferred from the customs authority to DG FD system to application for claiming benefits under Mei is should be filed online on the DG FD website using one's digital signature the relevant shipping bill and EB RC should be linked with a given online application 3 in cases where the Mei is benefit is given for only certain countries a proof of landing that the given export consignment landed in the stated country should also be furnished a tested copy of the bill of entry tracking report from the goods carrier etc is accepted as proof of landing for more details you may read paragraph 3.0 3 of the handbook of procedures for once the application is approved duty credit scrip is issued DG ft the scrip must be registered with a port prior to allowing usage of the duty credit the port of registration will be the port through which exports were made once registered the duty credit can be automatically used at any port of India similarly under AC is the application for rewards shall be filed online unlike any is under SC is the application is filed once in a year on an annual basis for the entire financial year under se is the applicant can choose any port of registration and mention it in the application in the appropriate column for more details please read through chapter 3 of the foreign trade policy and the handbook of procedures you may also refer the FA cues on chapter 3 on D GFT website for any personal clarification meet your nearest near yacht bundu officer at D G of T office or email.

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