Daily Current Affairs 2021 Foreign Trade Policy review by July 1 GST roll out: Official | Daily Current Affairs 2021

Foreign Trade Policy review by July 1 GST roll out: Official

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The Commerce Ministry will complete its Foreign Trade Policy (FTP) review earlier than expected so as to coincide with the launch of GST on July 1, a senior official said on Tuesday, adding that exporters have sought policy incentives for boosting shipments.

“The objective of the meeting was to seek inputs for the review of FTP to coincide with the launch of GST (Goods and Services Tax). Exports have made a revival and they need support so that it continues to grow,” Commerce Secretary Rita Teaotia told reporters after a meeting here of the Board of Trade.

The second meeting of the 70-member Board of Trade (BoT) was chaired by Commerce Minister Nirmala Sitharaman. Officials from the Revenue Department were present to answer queries on GST.

“Issues like how refunds would operate, how zero rating will operate were clarified by the Revenue Department. Certain Issues related to fitment will be examined by the fitment committee,” she said.

To a query about the impact on exports of GST, she replied that since these do not attract any tax, the government does not anticipate any adverse impact of GST on the sector.

Teaotia said the industry representatives at the meeting acknowledged that exports have made a revival, but also sought support to grow over the next few years.

Many export promotion councils sought additional support through the MEIS scheme, through interest subvention and other schemes under the FTP, she said.

Discussions on market access and market development, along with need to extend additional support to Export Promotion Councils (EPCs) in order to explore and develop newer markets were discussed, she added.

The Secretary said the meeting also deliberated on various suggestions about ways to facilitate e-commerce through the FTP.

“We have taken note of all suggestions carefully and will be factoring in many suggestions for the FTP review,” she said.

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