FIEO president Ganesh Kumar Gupta has welcomed
the GST Councilís decision to clear all tax refund claims of exporters for July
by 10 October and for August by 18 October. In a major relief to small and
medium enterprises (SMEs) and exporters, the council announced a series of rule
changes and lowered tax rates on 27 products and a few services recently.
Gupta said that the initiatives will
address the problem of the exporters particularly micro & small segments.
The FIEO president also welcomed the
decision to introduce e-wallet, mooted by FIEO, at the introduction of the GST
which will provide a permanent solution to the liquidity problem of the export
sector. During the interim period, government will provide exemption on inputs
required for export production through advance authorization, EPCG and EOU
schemes. The government has also resolved the problem of merchant exporters by
putting a duty of 0.1 percent on any supply from manufacturing to merchant.
Gupta termed the changes in rules as
pragmatic decisions that show the flexible approach of the government which
will ameliorate the problem of export sector and will impart much needed
competitiveness to exports.
He complimented and thanked the Prime
Minister, Finance Minister and Commerce & Industry Minister for the far
reaching decisions, which will help in pushing exports on a growth path.