Indian Govt to Withdraw 2% Additional Export Benefit by Dec 31; No Impact on Steel Exports
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Indian government to withdraw an additional 2% export benefit allowed on exports of certain products with effect from 1st Jan 2020. However, steel exports will not see any impact since the additional benefit of 2% was not applicable on steel products.
Indian government announced an additional 2% benefits under MEIS (Merchandise Export Incentive Scheme) in August to help exporters who had claimed a delay in GST (Goods and Service Tax) refunds.
There was confusion in the market that steel exports from India will see an impact post this notification.
Indian steel exports enjoy an incentive of 2-3% on different steel products under the MEIS scheme covered under foreign trade policy 2015-2020.
Export incentives on different products under MEIS scheme.
