Source: The Economic Times, Mar 30, 2017
NEW DELHI: The commerce ministry may have to make certain changes in the export related schemes due to the implementation of the Goods and Services Tax (GST), a senior official today said.
Director General of Foreign Trade (DGFT) A K Bhalla also said that the ministry is currently undertaking the stakeholders’ consultation for the mid-term review of the Foreign Trade Policy (FTP). “There is going to be certain changes (in the FTP)” due to the implementation of GST, he said here at the function of Federation of Indian Export Organisations (FIEO) here.
“We have (to) re-write some of the schemes,” he added.
The GST will subsume excise, service tax and other local levies. Bhalla also sought views of FIEO members for the review of the FTP.
Speaking on the occasion, MSME Secretary K K Jalan said that exports are crucial for country to boost growth and create employment.
He said exporters should also take advantage of the MSME schemes.
The commerce ministry can think of extending more incentives to the exporting sectors which create more employment, Jalan added.
FIEO President S C Ralhan said that exports are growing since the last five months and it has recorded double digit growth in February.
“Going by this trend, India’s exports may reach USD 270 billion by end of this fiscal,” he said.