Following a meeting with Federation of Indian Export
Organization (FIEO) President Ganesh Kumar Gupta along with Ajay Sahai, DG
& CEO, FIEO in which they impressed upon the Commerce Minister Nirmala
Sitharaman the concerns of the exporters, the Commerce Ministry responding
immediately to the requests of FIEO, appointed Satya Srinivas, JS (Customs) in
CBEC as nodal point in CBEC and Ajay Srivastava, Jt DGFT as nodal point in DGFT.
In the meeting FIEO President drew attention to the
major issues like composite drawback rates which he said adds to the
transaction cost and time and pleaded for the continuation of pre-GST practice
of self-declaration of the composite drawback rates.FIEO Chief also highlighted
that there is no clarification on eligibility of exporters for bond with bank
guarantee and letter of undertaking (LUT). He also stressed upon the need to
appoint a Nodal officer both at the Ministry of Commerce and Ministry of
Finance as a single point contact to look into exporters’ issues that are of
immediate and urgent nature.
As this is the first week that has passed, since the
implementation of GST, it is extremely important to understand the procedures
that have been notified for exporters, added FIEO chief. Also, it is important
to assess the challenges which exporters have come across during this week at
ground level. The FIEO president however reiterated that this is a
revolutionary reform which shall definitely bear fruit in the long run but as a
general practice with every new system, people might have to face some glitches
initially till the time they get versed with the new system.