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Export exemptions, incentives to go away in GST regime: Com Secy
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SME Times News Bureau | 22 Aug, 2016
In the Goods and Services Tax (GST) regime, exporters will need to adapt to the emerging scenario as exemptions and incentives given to promote exports will go away, a senior official said on Saturday.
"Once the GST is implemented, exemptions and incentives will have to go away," Union Commerce Secretary Rita Teaotia said.
"Philosophically, we are moving in the direction of creating a conducive policy and economic environment for everybody across the country and that is the intention of the GST law," she added.
"In a fragmented system, there could be cascading effect of taxes and local duties, but to offer a level-playing field "the requirement of incentives and subsidies would certainly need to be moderated and modified".
"But that would be taken up subsequently," she said at a session organised by the Engineering Export Promotion Council, Federation of Indian Export Organisations, Assocham, Bengal Chamber of Commerce and Industry and Gem Jewellery Export Promotion Council.
She said the GST law would be framed by the Revenue Department, not by the Commerce Department.
The officer said the Revenue Department is working on suggestions and consultations received from all the stakeholders on the GST and commerce department has provided its inputs.
According to Teaotia, India's policies are being framed to increase the competitiveness of the country's industries so that Indian players are able to take on the challenges in the global market.
"The GST itself is an effort. Nearly all the policies are geared towards that," she said.
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Export incentive
Ramlakhan Sharma | Fri Sep 9 06:35:52 2016
Under GST- various government export promotion schemes and incentives like duty drawback, brand rate , SEIS,MEIS,EPCG, Advance authorisation, EOU,STP etc. should be continued as at present available to the exporters
Export exemptions, incentives to go away in GST regime:
UNNIKRISHNAN KONGOT | Sat Aug 27 11:26:46 2016
It will be welcomed by all the industries across the board, but however, there is a concern in respect to the competency of the product in pricing in the international markets, where India is yet lagging in many segments. Unless a push is not given to boost the exports, our foreign reserves will be highly strained. Keeping in view all these factors, there need to be a working, that ensures that the products and services that are offered from India, in the International market are attractive in respect to quality, appearance, performance and competitively prices. Hands off to the efforts of the government, under the guidance of Hon.Prime minister and Finance minister, and surely their efforts will have a great growth for the economy forward.
Export & gst
JK Ramaswamy Chennai | Wed Aug 24 14:09:40 2016
We are moving towards one nation One rate So its true that there has to be Some compromise we have to make certain changes & adjustments But the question is none of the world traders would like pay anything extraneous/alien to we the exporters It's after all One nation One rate & not one world One rate
GST Implementation
MAZHAR N RANGOONWALA | Wed Aug 24 05:34:35 2016
Export exemption to go is the right decision as government is loosing a large revenue from excise & CST this should be compansated
on incentives
kumar | Wed Aug 24 02:39:50 2016
I am an exporter. Very gladly agree on this. Government should stop these incentives to improve the values of the goods.
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