FTP 2015-2020 extended for one year :- The Union Commerce and Industry Ministry today announced changes in the Foreign Trade Policy (FTP) of Government of India. The present Policy which came into force on 1st April, 2015, is for 5 years and has validity upto 31st March, 2020. In view of the unprecedented current situation arising out of the pandemic Novel COVID-19, the Govt. has decided to continue relief under various export promotion schemes by granting extension of the existing Foreign Trade Policy by another one year i.e. up to 31st March, 2021. Salient points of the changes made in the FTP are as follows:
- To provide continuity in the policy regime, the current FTP, valid till 31.03.2020 has been extended till 31.03.2021. Similar extension is made in the related procedures, by extending validity of Hand Book of Procedures.
- Benefit under all the Export Promotion Schemes (except SEIS) and other schemes, available as on date, will continue to be available for another 12 months. Decision on continuation of SEIS will be taken and notified subsequently.
- Status Holder Certificates validity period is also extended. This will enable the Status Holders to continue to avail the specified facilities/benefits.
- IGST and Compensation cess payment exemption on the imports under Advance or EPCG Authorisations and by EOUs etc. has been extended up to 31.03.2021.
- “Transport Marketing Assistance on the specified Agricultural Products” scheme is further extended for one year.
- Validity period for making imports under various duty free import authorizations (AA / DFIA / EPCG) expiring between 01.02.2020 and 31.07.2020,has been allowed automatic extension for another six months from the date of expiry, without requirement of obtaining such endorsement on these authorizations.
- DGFT is allowed another six months from the date of expiry, where the period to make export is expiring between 01.02.2020 and 31.07.2020 under various authorizations, automatic extension in the export obligation period. This additional allowed period is without payment of any composition fee.
- Last dates for applying for various duty credit Scripts (MEIS / SEIS / ROSCTL) and other Authorizations have been extended.
- Time lines for imposing late cuts, on the applications which are filed after the prescribed dates, have been relaxed.
- Letter of Permission/ Intent as granted to EOUs, units in STPs / EHTPs / BTPs , validity for the sames are further extended up to 31st December, 2020.
- Last date of filing applications for refund of TED/Drawback, Transport and Marketing Assistance has been extended.
- Extension in time has been allowed for filing various Reports/Returns etc. under various provisions of the FTP.
Please click here for press release issue by PIB in respect of FTP 2015-20 extended for one year
In respect of extension Notification 57 dated 31st March 2020 has been issued by the Government. Following are the summary of major relief:-
1. Continuation of MEIS (except for Garment and Made-ups which are now eligible for RoSCTL/RoDTEP benefit), SEIS, DFIA, EPCG, EOU, Deemed Export etc till 31st March 2021. (However, for SEIS the rates for 2019-2020 and decision on continuation of the scheme for services rendered beyond 1st April 2020 will be notified separately).
2. For MEIS shipment with Let Export Order date falling between 1st Feb to 31st May 2019, the applications can be filed within 15 months as against the normal time limit of 12 months.
3. The last date for filing SEIS application for FY 2018-19 is now extended till 31.12.2020. There is no word on filing dates of SEIS application of earlier financial years with condonation.
4. For applications of TMA for the first quarter Apr 2019-June 2019, that was to be filed by 2nd June 2020, can now be filed till 30th Sept 2020.
5. Status Holder certificates extended till 31st March 2020.
6. For Advance Authorisation, where the validity of authorization or Export Obligation period is expiring between 1st Feb to 31st July 2020, the period of validity or Export Obligation is automatically extended by six months from the date of expiry.
7. For DFIA Authorisation, where the last date of filing is expiring between 1st Feb to 31st July 2020, the period of validity is automatically extended by six months from the date of expiry.
8. For EPCG Authorisation, where the validity of authorization or Export Obligation is expiring between 1st Feb to 31st July 2020, the period of validity/EO is automatically extended by six months from the date of expiry.
9. All LOP/LOI issued to EOU/EHTP/STP/BTP expiring on or after 1st March 2020 is deemed to be valid till 31.12.2020.
10. Applications for Deemed Export benefits can also be filed till 30.09.2020 in case the date falls on or after 1st March 2020.
Also See, “SEIS Refund from DGFT
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