Govt hikes duty incentives for exports of 28 milk products
The government has again hiked duty benefits for exports of as many as 28 milk related products such as cheese and yoghurt under a scheme to boost their overseas shipments.
The government has again hiked duty benefits for exports of as many as 28 milk related products such as cheese and yoghurt under a scheme to boost their overseas shipments. The duty benefits were enhanced under the Merchandise Export from India Scheme (MEIS).
Under this scheme, the government provides 'duty credit scrip' to exporters. The rates vary from product to product and the export destination, as envisaged in the foreign trade policy. Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties, including the basic customs duty.
"The MEIS benefit for certain items have been enhanced to 20 per cent from the current 10 per cent," the Directorate General of Foreign Trade said in a public notice. The products which would enjoy the incentive include butter milk, fresh cheese, grated or powdered cheese, skimmed milk, milk food for babies, whole milk and condensed milk.
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The move assumes significance on account of a milk crisis in Maharasthra. Milk growers had strongly protested in some parts of Maharasthra due to fall in milk prices amid huge supply.