What ate the advantages to foreign companies in setting up production in India?(NCERT Class-8 Civis))
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1. Merchandise Exports from India Scheme
(MEIS)
(a) Earlier there were 5 different schemes (Focus
Product Scheme, Market Linked Focus
Product Scheme, Focus Market Scheme, Agri.
Infrastructure Incentive Scrip, VKGUY) for
rewarding merchandise exports with
different kinds of duty scrips with varying
conditions (sector specific or actual user
only) attached to their use. Now all these
schemes have been merged into a single
scheme, namely Merchandise Export from
India Scheme (MEIS) and there would be no
conditionality attached to the scrips issued
under the scheme. The main features of MEIS,
including details of various groups of
products supported under MEIS and the
country groupings are at Annexure-1.
(b) Rewards for export of notified goods to
notified markets under ‘Merchandise Exportsfrom India Scheme (MEIS) shall be payable as
percentage of realized FOB value (in free
foreign exchange). The debits towards basic
customs duty in the transferable reward duty
credit scrips would also be allowed
adjustment as duty drawback. At present,
only the additional duty of customs / excise
duty / service tax is allowed adjustment as
CENVAT credit or drawback, as per
Department of Revenue rules.
2. Service Exports from India Scheme (SEIS)
(a) Served From India Scheme (SFIS) has been
replaced with Service Exports from India
Scheme (SEIS). SEIS shall apply to ‘Service
Providers located in India’ instead of ‘Indian
Service Providers’. Thus SEIS provides for
rewards to all Service providers of notified
services, who are providing services from
India, regardless of the constitution or profile
of the service provider. The list of services
and the rates of rewards under SEIS are at
Annexure-2.
(b) The rate of reward under SEIS would be
based on net foreign exchange earned. The
reward issued as duty credit scrip, would no
longer be with actual user condition and will
no longer be restricted to usage for specified
types of goods but be freely transferable and
usable for all types of goods and service tax
(MEIS)
(a) Earlier there were 5 different schemes (Focus
Product Scheme, Market Linked Focus
Product Scheme, Focus Market Scheme, Agri.
Infrastructure Incentive Scrip, VKGUY) for
rewarding merchandise exports with
different kinds of duty scrips with varying
conditions (sector specific or actual user
only) attached to their use. Now all these
schemes have been merged into a single
scheme, namely Merchandise Export from
India Scheme (MEIS) and there would be no
conditionality attached to the scrips issued
under the scheme. The main features of MEIS,
including details of various groups of
products supported under MEIS and the
country groupings are at Annexure-1.
(b) Rewards for export of notified goods to
notified markets under ‘Merchandise Exportsfrom India Scheme (MEIS) shall be payable as
percentage of realized FOB value (in free
foreign exchange). The debits towards basic
customs duty in the transferable reward duty
credit scrips would also be allowed
adjustment as duty drawback. At present,
only the additional duty of customs / excise
duty / service tax is allowed adjustment as
CENVAT credit or drawback, as per
Department of Revenue rules.
2. Service Exports from India Scheme (SEIS)
(a) Served From India Scheme (SFIS) has been
replaced with Service Exports from India
Scheme (SEIS). SEIS shall apply to ‘Service
Providers located in India’ instead of ‘Indian
Service Providers’. Thus SEIS provides for
rewards to all Service providers of notified
services, who are providing services from
India, regardless of the constitution or profile
of the service provider. The list of services
and the rates of rewards under SEIS are at
Annexure-2.
(b) The rate of reward under SEIS would be
based on net foreign exchange earned. The
reward issued as duty credit scrip, would no
longer be with actual user condition and will
no longer be restricted to usage for specified
types of goods but be freely transferable and
usable for all types of goods and service tax
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if foreign companies will set in India it improve economic status of our country. ..it will provide jobe to people help in reducing poverty ...it enchance good relation between countries ...
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