FIEO organised Post GST meet on Export compliance at Ahmedabad

Posted by Daily Shipping Times on 24-07-2017        Tweet

AHMEDABAD: Dr Ajay Sahai, DG & CEO, FIEO while addressing the exporters during the Post GST Meet on Export Compliance organised by FIEO at Ahmedabad on July 21, 2017 said that introduction of GST is a path breaking reform that will only bear fruits in the long run with initial hiccups. He explained that the liquidity problem of the exporters, constraints in job work, delays in initial returns for exports in the months of July and August, procedural issues in LUT/Bond are being flagged by FIEO with concerned Ministries.

Shri D P Mohapatra, ITS, Addl DGFT, Ahmedabad told that GST is most talked concept today and it’s a step taken by Government which will help exporters to be competitive as cascading effect of taxation will be removed & exporters will be at par with Global markets. He also informed that now the major change is that now the PAN number will be considered as IEC number.

Shri Sunil Kumar Singh, IRS, appreciated the efforts being taken by FIEO on export front. He told that Commissionarte of CCGST is always available to exporters if they have any doubts to be solved. He also informed that High Powered sectoral committees are also formed in order to help the entrepreneurs to sort out their queries.

Shri Bhargav Mankad, Jt Commissioner of State Tax, Gujarat assured that once the GST system stabilises life will be better and Ease of Doing Business would be certainly realised. Dedicated efforts have been made by Central and State officials for GST implementation.

During the presentation on ‘Export compliance under GST Regime” Dr. Ajay Sahai, DG & CEO, FIEO raised the concern that GST will severely dent the liquidity of the exporter in a big way and the compliance cost of merchant exporter may go up. Export competitiveness of India may tank by about 2% and this will be a big blow for the exporters. He appraised that Government is looking into the various options to neutralize the effect under the new GST regime. During the presentation he elaborated about the details to be captured in Invoice, Shipping bill, Eligibility for LUT/Bond and the procedure to acquire, Factory stuffing permission, Refund of unutilized ITC procedure, Refund procedure for exports & Effect of GST on various incentive schemes under FTP.