Comments
The mid-term review of the Foreign Trade Policy (FTP) is likely to be advanced and brought “in-accordance” with GST, Ajay K Bhalla, DGFT, said here on Wednesday. (Bhalla has now been appointed Power Secretary)
According to him, the FTP to be unveiled will reflect the GST-related changes for exporters. At least three different schemes — advance authorisation, export promotion capital goods (EPCG) and duty free import authorisation — will cease to exist once GST rolls out. Some other schemes also need to be worked on once the new tax regime comes in.
“The FTP review was due in September. But we are looking to bring the FTP review in accordance with GST,” Bhalla told reporters on the sidelines of an interactive session organised by the Federation of India Export Organisation, EEPC INDIA and Gem & Jewellery Export Promotion Council.
Meanwhile, in order to allay the fears of the exporting community, Union Commerce Secretary Rita A Teaotia indicated that enforcement will not be harsh during the initial period of GST rollout for individual exporters. “Any transition will require some adjustment. Exporters will get an extended two months time for filing returns under the new tax regime. Also, enforcement will not be harsh during the initial period,” she said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.