The Government of India has granted the extension to the Foreign Trade Policy (FTP) by another one year i.e. up to 31st March, 2021. The Foreign Trade Policy (FTP) was implemented on 1st April, 2015 for 5 years and was valid upto 31st March, 2020. The decision to extend the validity of the Foreign Trade Policy (FTP) was taken in view of the unprecedented current situation arising out of the pandemic Novel COVID-19.
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Along with extension, the Union Commerce and Industry Ministry has also announced some changes in the Foreign Trade Policy (FTP). Some key changes made in the FTP are as follows:
- Benefit under all the Export Promotion Schemes except SEIS, available as on date, will remain available for another 12 months i.e. upto 31st March, 2021.
- Validity period of the Status Holder Certificates is also extended.
- Exemption from payment of IGST and Compensation Cess on the imports made under Advance/EPCG Authorisations and by EOUs etc. has been extended till 31st March, 2021.
- The scheme for providing “Transport Marketing Assistance on the specified Agricultural Products” has been extended for one year.
- Extension in time has been allowed for filing various Reports/Returns etc. under various provisions of the FTP.
- Last dates for applying for various duty credit Scrips (MEIS/SEIS/ROSCTL) and other Authorisations have been extended.
Important takeaways for all competitive exams:
- Union Minister of Commerce and Industry: Piyush Goyal.