News Details

Exports sector welcomes decisions of GST Council

 

Hailing the decisions of the GST Council in resolving some of the concerns of the exports sector during its recent meeting in Hyderabad, Mr Ganesh Kumar Gupta, President, FIEO, said that the pragmatic and positive decisions taken by the Council have been welcomed by exporters.

 

The FIEO chief said that the reduction in GST rate on supply of scrips like MEIS/SEIS/DFIA, from 12 per cent to 5 per cent, follows the fitment formula adopted by the Council. This will also give some boost to the premium on scrips, which had plummeted due to the restriction on the utilisation of scrips in the GST regime. Mr Gupta exuded confidence that the wider utilisation of scrips would also be looked at by the new committee as the government’s objective is to benefit the exporters through the grant of scrips.

 

The restriction on inter-state job work had disrupted manufacturing in clusters close to inter-state borders, giving a jolt to employment in such areas. The new changes regarding inter-state job work, where job worker’s turnover below the threshold limit of Rs 20 lakh (Rs 10 lakh for specified states) has now been permitted without registration of job worker, will give a boost to employment in industrial clusters close to inter-state boundaries, particularly units in the National Capital Region, said Mr Gupta.

 

The FIEO President stressed that exporters wholeheartedly welcome the formation of an institutional mechanism wherein a committee of the Central government and state governments has been formed under the Chairmanship of the Revenue Secretary to address the issues of the exports sector. FIEO will shortly be flagging the concerns of exporters with the committee, he added.

 

Source: Exim News Service - Mumbai, Sept. 12

EXIM INDIA PROFILE

click here!!

Search News

Currency Import Export
U.S.Dollar 64.98 64.10
U.K.Pound 87.99 86.17
Euro 77.33 76.02

As On 21st September, 2017

more forex rates...

Currency Import Export
U.S.Dollar 64.90 63.25
Sterling Pound 85.05 82.20
Euro 77.75 75.10

w.e.f. 08th September, 2017

more custom rates...

CURRENT EVENT