Allow exporters to pay GST on transactions through e-currency: FIEO

Posted by Daily Shipping Times on 15-05-2017        Tweet

NEW DELHI: In the background of the forthcoming GST being introduced soon in the Country, Shri Ganesh Kumar Gupta, President, Federation of Indian Export Organisations(FIEO) accompanied by Shri Nari Kalwani Regional Chairman and other Managing Committee Members of FIEO (Eastern Region) called on Dr Amit Mitra, Hon’ble Minister for Finance & Commerce, Industry and Enterprises, Government of West Bengal at Kolkata to discuss the opportunities for States like West Bengal to lead on the Industrial front in general and exports in particular encashing on the buoyant global market.

Speaking at the meeting, Dr Amit Mitra stated that West Bengal’s current thrust on potential sectors are labour-intensive industries such as leather, plastics, jute, tea, etc., and advanced technology sector such as engineering, polymers, steel and chemicals, etc. In order to grow from the present exports of USD 8.21 billion (2016-17) the State welcomes, FIEO to conduct studies and set the agenda for the state by identifying new areas of exports & global markets and suggest means to strengthen traditional sectors of exports through upgradation of skills and technology.

Shri Ganesh Kumar Gupta, President Federation of Indian Export Organisations (FIEO) stated that West Bengal having a huge population and skilled work base, FIEO would like to work with the State to identify export-centric manufacturing in the State so as to exploit the market opportunity offered by the growing world market.

FIEO is committed to working closely with the State Government in further stimulating export from the State. On the GST front, Mr Ganesh Kumar Gupta stated that a section of the export sector is apprehensive that GST will affect their liquidity if inputs required for exports are subject to GST. He also suggested that exporters be allowed to pay GST on transactions through e-currency & that the GST Council may look at providing export refunds through the duty drawback option by expanding it to cover both basic customs duty and Input Tax Credit.