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Last updated: 18 Dec, 2017  

Exports.9.Thmb.jpg Exports surprise

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Bikky Khosla | 19 Dec, 2017

India's exports rose 30.55 per cent to $26.19 billion in November. This spurt in overseas shipment is attributed mainly to improved global demand. It is interesting to see that while China, South Korea, Taiwan, and Singapore, among others, witnessed positive exports growth in the month, India has emerged as a top performer. This indicates that recent government steps, including sops and simplification of GST refund process, have played a positive role in improving the performance of the sector.

Earlier this month, the Centre had announced Rs 8,450 crore incentives for exporters in sectors like leather and agriculture. Later in another positive move, it simplified the process for exporters to claim refunds under the Goods and Services Tax (GST). Input Tax Credit (ITC) and Integrated-GST refunds for exporters are being expedited for quick unlocking of their capital. These twin measures definitely played a positive role and thus deserve praise.

It is encouraging to see that some major sectors including engineering, petroleum, gems & jewellery, organic & inorganic chemicals, marine and pharmaceuticals performed very well in November. Also, overall 24 out of 30 major product groups were in positive territory including petroleum, cotton yarns, fabrics and made-ups and plastic and linoleum. However, decline seen in some sectors like RMG of all products, jute manufacturing and fruits and vegetables is not a good sign and should be taken care of.

Meanwhile, data released by RBI shows that our services exports, which amounted to $ 13.11 billion in October last year, grew by 8 per cent to $14.15 billion in October. Overall, the sector witnessed a surplus of 3.3 per cent to US$ 39.05 billion in April-October FY2017 over a year ago, with 0.9% rise in services imports to US$ 55.44 billion and 1.9 per cent growth in exports to US$ 94.49 billion. These figures are not bad. The services sector contributes to about 55 per cent in India's GDP and it deserves further attention from the government.

I invite your opinions.

 
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Simplification not yet satisfactory
S K Kumar | Wed Jan 31 06:32:21 2018
The refund simplification is not as effective as advertised. Maybe large corporations have enough backup to see-through the entire refund process but the small scale enterprises still face numerous issues is this. The online refund process is for name sake & the authorities still require physical follow-up & hard-copy submission of the refund form. What's the use of online process if in the end we still have to do all of this physically? These numbers may indicate the outer layer of the entire country's export scenario but deep inside, it's still a mess!


Exports surprise
Harishkumar Trivedi | Fri Dec 22 14:57:54 2017
Really good news for our country .Hence ,more and more attempt to decrease our production costs each and every exports items.



R k Bhandari Chandigarh | Wed Dec 20 13:11:23 2017
It takes time to bloom from buds it us universally accepted doctrine If rigours in gstn and get are addressed properly periodicity if filing returns deferred from month to half year as in service tax earlier in respect of all returns under gst it will be appreciated by all business community State should nit frequent in changing gst concept daily once set in tune with law compliance be made otherwise get will be like erstwhile company act 1956 Rate reduction is another aspect leaving the scope by businessmen to befool consumers fir example restaurant consumer unaware of levy if turnover of that business but instead if 5 percent restaurant us charging 18, percent How one can feel services are in composition or without composition Needs immediate action at state level Thanks


COMPLICATION STILL SUSTAIN
VISHNU ARORA | Wed Dec 20 03:44:25 2017
ONLY JULY, AUGUST MONTH GST REFUNDED EXPORTER STILL FACING CAPITAL BLOCKING PROBLEM. FILLING GST RETURN BEFORE 20 EVERY MONTH VERY COMPLICATED NOW ONE TEAM REQUIRED FOR GST RETURN FILLING AND INCOME TAX FILLING. VERY TOUGH JOB TO RUN INDUSTRY AND EXPORT FOR INDIAN.


 
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