This Tax Alert summarizes a recent press release [1] issued by the Ministry of Commerce and Industry, extending the tenure of Foreign Trade Policy 2015-2020 (FTP) by six months.
As per the Press release, validity of FTP has been further extended by six months with effect from 1 October 2022. This has been done basis requests from Export Promotion councils, industry bodies and leading exporters to continue the existing policy for some more time in view of prevailing volatile global economic and geo-political situation.
Earlier, the validity of FTP was extended from time to time till 30 September 2022.
Consequently, the benefits under various exports promotion schemes will continue for another six months till 31 March 2023.
Notification and public notice by Directorate General of Foreign Trade (DGFT) for extension of FTP is awaited.
