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14 Apr 2015

Highlight of new foreign trade policy (2015-2020)

With a vision to provide a stable and sustainable policy environment for foreign trade in merchandise and services, expanding India’s markets and better integrating with major regions; to make India a significant participant in world trade by the year 2020 and to enable the country to assume a position of leadership in the international trade discourse by increasing India’s exports from USD 465.9 billion in 2013-14 to approximately USD 900 billion by 2019-20 by helping various sectors of the Indian economy to gain global competitiveness thereby increasing the demand for India’s products and contributing to the “Make in India”, “Digital India” and “Skills India”, the Central Government has notified the Foreign Trade Policy, 2015-2020 applicable w.e.f. 01.04.2015.

Service Providers can avail following benefits under new policy:
  1. Service Provider of notified services shall be rewarded with scripts @3%/5% of net free foreign exchange earnings. Rate of reward will depend on nature of Services provided e.g. Auditing & Book Keeping Services-5%, Advertising Services-3%, Hospital Services-5%;
  2. The scripts are transferable;
  3. Scripts can be used for:
  1. Payment of Custom on Import of goods (Notification No. 24/2015-Customs & 25/2015-Customs);
  2. Payment of Excise Duty on procurement of goods (Notification No. 20/2015-CE & 21/2015-CE); and
  3. Payment of Service Tax on procurement of services (Notification No. 10/2015-ST & 11/2015-ST)
Note: Now Indirect Tax updates are just one touch away. DYKS Team has launched android app "IDT-GST" which can be downloaded freely from play store. By using app you can also access old Do You Know Series.