SME Times is powered by   
Search News
Just in:   • Equity indices break two-day losing streak on value buying  • IMF urges Sri Lanka to tighten monetary policy  • Global semiconductor sales to reach $676 bn this year: Gartner  • Tinna Rubber hits upper circuit, investors accumulate 900% returns in year  • Availability of jobs in Japan improves for 1st time in 3 yrs 
Last updated: 09 Oct, 2017  

EPCH.9.Thmb.jpg Handicraft sector hails export sops announced by GST Council

   Top Stories
» Net direct tax collection reaches highest-ever figure in FY 22
» Musk has to manufacture here to sell Tesla cars in India: Gadkari
» Round tripping of industrial inputs by large players unfavourable to local value chains
» Sitharaman engages investors in Silicon Valley
» Modi hails India's success in achieving target of $400 billion of exports
SME Times News Bureau | 09 Oct, 2017
The nodal agency for promotion and development of handicrafts sector, Export Promotion Council for Handicrafts (EPCH) has welcomed the initiatives announced by the GST Council recently.

The GST Council in its 22nd meeting have given certain relief for the Industry so that transition to GST regime can be further smoothened and momentum of exports growth from the Country can be regained.

The relief included the payment of GST under Reverse Charge Mechanism (RCM) to be suspended till 31st March, 2018; refund of GST to start from 10th October, 2017; merchant exporters to pay nominal GST of 0.1 percent for procuring goods from domestic suppliers; e-wallet facility to be introduced from 1st April, 2018; GST on sale of duty credit scrip reduced to 0 percent; payment of GST not required under EPCG and Advance Authorisation Scheme (AA); e-way bill implementation postponed till April, 2018; job work on zari and imitation jewellery reduced from 12 to 5 percent.

O.P. Prahladka, Chairman, EPCH welcomed the initiatives taken by the GST Council, however, he added that Handicrafts Sector should have been given rate cuts on handicraft items and also job work on Handicrafts to have been reduced to 0 percent.

He further said that by taking these initiatives the government has given clear message that it is acting on the exporters concerns.

Rakesh Kumar, ED, EPCH said that exporters are breathing a sigh of relief by announcement of series of steps to reduce the payment and compliance burden of goods and services tax (GST).

He further added that, while most exporters see their liquidity and cash crunch issues getting resolved due to easier procedural requirements, others are looking forward to a further reduction in GST rates.

The Handicrafts exports during the year 2016-17 was Rs.24,392.39 crores with overall 13.15 percent increase in comparison to last year. However, the exports of handicrafts during six months of the current financial year 2017-18 is Rs. 12520.32 crores.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 27 Apr, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter