NEW DELHI: FIEO President Mr Ganesh Kumar Gupta along with Dr Ajay Sahai, DG & CEO, FIEO met the Hon’ble Commerce and Industry Minister Ms Nirmala Sitharaman and other senior officials of the Department of Commerce and DGFT on July 6, 2017 to discuss various important issues faced by the exporting community in the new GST regime.
During the meeting with the Minister and the Senior Government officials of the Ministry of Commerce, major issues that were raised by FIEO President included issue with regard to composite drawback rates, which adds to the transaction cost and time, under the pre-GST regime exporters were allowed for self declaration of the composite drawback rates, should be continued with the same facility in the current GST regime also.
FIEO Chief also highlighted that there is no clarification on eligibility of exporters for bond with bank guarantee and letter of undertaking (LUT) and most importantly appointing of a Nodal officer both at the Ministry of Commerce and Ministry of Finance level as single contact point for the whole exporting fraternity to look into the immediate and urgent issues faced by exporters.
The Department of Commerce working swiftly on the request of the Federation of Indian Export Organisations (FIEO) has notified the appointment of Shri Satya Srinivas, JS (Customs) in CBEC as nodal point in CBEC and Shri Ajay Srivastava, Jt DGFT as nodal point in DGFT which shows the responsiveness of the Government.
Mr Ganesh Kumar Gupta however reiterated that this is a revolutionary reform which shall definitely bear fruit in the long run but as a general practice with every new system, we may have to face some glitches initially till the time we get versed with the new system.
At the same time, FIEO President is of the view that exporters should also highlight the areas where Government can take corrective measures so that transaction cost and time should not increase in this new regime impacting Country’s exports.
Source: Dailyshippingtimes.com
