Exporting the goods is one of the prime business activities which brings money into the country. Exporter being used to local market; the production and operational costs are incurred in local currency is much manageable whereas sale of these goods in foreign market in higher cost and not to forget higher exchange rate leading to positive arbitration. This, therefore, creates fiscal surplus. Being in surplus is always beneficial for that exporting entity as well as economy.
In order to promote such beneficial and new export related businesses, the government provides many direct as well as indirect benefits to the exporting entities. Such as, the exports from Indian schemes which includes Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS). This also comes with free FOREX remittances received through international credit schemes. Under the Goods and Service Tax, various provisions are made for exemption of tax on various exempted goods. Through such schemes, Governments are giving partial or even complete tax refunds for exporters, also the VAT tax is not applicable to exports. Also, needless to mention about banking institutions giving loans and required funding as a part of special provisions being extended to the exporters.
Along with a proper business plan and comprehensive analysis of business, such incentives, tax benefits, refunds and remittances for exporters by the Government are attractive features which would lower the business costs of the exporters manufacturing their goods in India which in turn makes exporting of goods a profitable business.
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