Government approves MEIS allocation till December 2020

MEIS provides duty benefits depending on product and country. Rewards under the scheme are payable as percentage of realised free-on-board value (of 2%, 3% and 5%) and the MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty. The government’s outgo under MEIS was Rs 45,000 crore in 2019-20.