Govt should extend MEIS till Dec 31 in its present form: CII1 min read . Updated: 22 Sep 2020, 07:09 PM IST
- The government has capped export incentives under MEIS at ₹2 crore per exporter on outbound shipments made during the period from September 1 to December 31, 2020
- These suggestions, among others, were made by the chamber during a meeting with Niti Aayog
NEW DELHI : Industry body CII on Tuesday urged the government to extend the export incentive scheme MEIS till December 31 in its present form to help exporters.
CII also suggested that the ambit of coverage under the Emergency Credit Line Guarantee Scheme (ECGLS) should be extended to the extent of any unutilised amount for revival of stressed sectors, including civil aviation, hospitality and tourism.
These suggestions, among others, were made by the chamber during a meeting with Niti Aayog.
"The government should extend the MEIS benefits up to 31st December, in its present form with a rider that the balanced funds (60 percent shortfall) would be disbursed later (with in a fixed agreeable time-period) as and when government's finances improve," CII said in a statement.
It said the extension will help address the accounting problem of exporters as they can book the receivables under the Merchandise Exports from India Scheme (MEIS) in the current financial year.
The government has capped export incentives under MEIS at ₹2 crore per exporter on outbound shipments made during the period from September 1 to December 31, 2020.
The move comes after the Department of Revenue asked the commerce ministry to review the coverage of MEIS so that the fiscal benefits under the programme can be brought down to ₹9,000 crore in the current financial year.