Government Support in Export | Benefits in Export Business | by Paresh Solanki

The Government of India is giving so many benefits to encourage Indian Businesses to do Export and Import. To Promote exports and imports from India, the Indian government are giving special benefits, it is very important for new exporters and importers and also the existing exporters and importers to know these benefits and how to get these benefits as an outcome especially when the income is in Dollars, here are some Benefits:

1. No GST Charge on Exported Products: Exported products are classified as "zero-rated supplies" under GST law, relieving exporters from GST burdens and enabling them to claim refunds on input taxes, promoting global competitiveness.
2. Advance Authorization: This scheme permits duty-free import of production inputs for export goods, aiming to lower production costs and bolster export competitiveness under India's Foreign Trade Policy.
3. RODTEP & DBK: RODTEP refunds embedded taxes and duties to ensure global competitiveness, while DBK grants refunds on customs and excise duties for export goods, reducing production costs and promoting exports.
4. Interest Equalization Scheme (IES): IES subsidizes interest rates for export credits, reducing borrowing costs for exporters and enhancing their global competitiveness, covering various sectors including MSMEs.
5. Port Development: Enhancing port infrastructure through expansion and modernization fosters trade growth, cuts transportation costs, and supports economic development by improving efficiency and connectivity.
6. DFC Corridor: The Dedicated Freight Corridor project constructs exclusive freight routes to enhance transportation efficiency, reducing logistics costs and supporting economic growth by decongesting existing rail networks.
7. Easy Process for Export Custom Clearance: Streamlined export clearance procedures facilitate faster movement of goods across borders, reducing bureaucratic hurdles and enhancing exporters' competitiveness.
8. CGTMSE: This scheme encourages collateral-free credit access for micro and small enterprises by providing credit guarantees to lenders, promoting entrepreneurship and growth in the MSME sector.

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