Government Pushing TIES to Boost Exports
NEW DELHI: Underlining the need for synergising efforts between Centre and states to boost the country’s exports on sustainable basis, Commerce and Industry Minister Nirmala Sitharaman on Thursday said it is trying to formulate a scheme which could provide financial support and create export infrastructure in states.
“There is an immediate need to synergize our efforts and jointly take appropriate steps to boost India’s exports — which is the only sustainable way in today’s international trade environment,” said the minister.
Since January 2016, the centre has managed to contain trade deficit due to controls on imports, she said.
Further, she had also asked states to consider higher allocation of resources for export infrastructure from their increased devolution of funds to which “I expected that at least the ongoing ASIDE projects would be completed by the states. I am still awaiting an affirmative action on this from the states.”
“I hope, we can soon succeed in achieving a consensus for the roll out of this scheme - Trade Infrastructure for Export Scheme (TIES),” Sitharaman said, adding so far only 17 states have developed their export strategy aligned with the national policy on trade.
Sitharaman said that the Department of Revenue has promised to refund tax claims of exporters within seven days under the new GST regime.
Exporters have been demanding ab-initio exemption from payment of taxes under the GST regime. In today’s meeting, the exporters were assured “that on 90 per cent of the amount of refund, within seven days, the refund will be made and if there is an undue delay, interest will be paid on the amount due.”
Elaborating on the issue, Commerce Secretary Rita Teaotia said that the remaining 10 per cent will be subject to whatever verification revenue department is required to do.