The Export Oriented Units Scheme was introduced in the year 1980, 31st December. The Root Purpose of this Scheme was to boost Exports from India so that foreign Earning and Employment Opportunities Can be increased. At the time of launching this scheme, due to some major benefits, exporters showed Willingness to set up units with long run commitments.
Business opportunities are like buses: there’s always another one coming.
Basically, the Export Oriented Units Scheme encouraged the Exporters in many ways which is quite a good thing for the whole Country.
Benefits Export Oriented Units:
1) Through EOUs Traders tend to enjoy the speedy clearance Facility.
2) They Can Claim Reimbursement on Paid GST, that’s super good.
3) One can also claim Input Tax Credit on the Goods & Services
4) The Best thing is they can claim refund from paid duty on purchase of fuel which are being purchased from domestic oil companies.
5) Either Through Import or domestic sources, EOUs have a permit to procure capital goods or raw materials without paying any duty for purchase.
The Project should have a minimum investment of Rs.1 crore in Plant & Machinery. But it does apply for biotechnology parks, software technology parks and electronic hardware technology parks. So be Careful here!
Conclusion: Schemes like this really helps exporters in terms of encouragement. This also put a good impact on the nation’s economy through various reasons such as growth in exports and employment opportunities. This is what contributes to a successful Nation. We must believe that here, a well-established Export Import Training is highly required. Nothing to think about much, digital Exim is India’s best consultancy course in India. Join us today! Call on 9505506333 to kick start your export import journey with us.
