Annual Trade Policy Supplement 2008-09

On April 11, 2008 was announced the annual supplement to the Foreign Trade Policy 2004-09 for the year 2008-09.

1. Export Target set for year 2008-09 at $ 200 billion which is 30% higher than 2007-08.
2. DEPB scheme has been extended till May 2009.
3. Refund of service tax on almost all the services.
4. Income tax benefit to 100% EOUs has been extended by Government.
5. Coverage of FMS has been increased and additional 10 countries have been included. These are Mongolia, Bosnia-Herzegovina, Albania, Macedonia, Croatia, Honduras, Djibouti, Sudan, Ghana and Colombia.
6. Split-up facility under DFIA Scheme introduced.
7. Duty free import of samples has been increased from Rs.75, 000 to Rs.1, 00,000.
8. Value of jeweler parcels, through Foreign Post Office is raised to US$ 75,000. Earlier it was from US$ 50,000.
9. EOUs shall be allowed to pay excise duty on monthly basis, instead of the present system of paying duty on consignment basis.
10. Customs duty payable under EPCG Scheme has been reduced from 5% to 3%.
11. Setting up a new Export Promotion Council for Telecom Sector.