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Welcoming the recommendations in the “Report of Task Force on Transaction Cost in Exports”, the Federation of Indian Export Organisations (FIEO) said on Tuesday that these initiatives encourage exporters to aim for an ambitious annual export target of $500 billion by 2014-15.
Mr Ramu S. Deora, President, FIEO, complimented the Minister of State for Commerce and Industry, Mr Jyotiraditya Scindia, who headed the task force, for announcing the report with a precise implementation schedule, which has already been operationalised for most of the issues.
In a statement, Mr Deora said all industry service tax rates for refund of service tax paid on 17 services would be a big relief particularly for small and medium exporters who are unable to understand the nuances of the service tax refunds. He also welcomed the 24x7 customs clearance facility extended to eight important customs houses.
The extension of single bond facility for Customs would benefit all exporters, he said, adding, however, that the same should be extended to offices of the Directorate-General of Foreign Trade where maximum bonds are executed besides excise and service tax.
Upgradation of facility at Plant Quarantine Stations and its availability round-the-clock at International Airports in Chennai and Mumbai will benefit floriculture, viticulture, processed foods and agriculture products exports, he said.
Reduction in X-ray charges will boost air cargo particularly the express cargo, he said. However, this should be implemented at all international airports in the country, he said.
Dispensing with hard copies of DEPB EDI Shipping Bills will save time and cost of exporters but the same should be gradually extended to other schemes also as shipping bills for all such schemes is electronically transmitted from Customs to DGFT, he added. suggested.
Though leading banks have reduced processing charges for renewal of annual limits, it continues to be high, Mr Deora said. He mooted waiver of charges for renewal limit.
The fact that only some of the identifiable transaction costs have been resolved leaves much room for the authorities to continue with Mr Scindia's initiatives to re-visit procedures for seamless movement of imports and exports, he said.
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