Deemed exports benefits may be lost under GST regime: Commerce Secretary

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BANGALORE, JUNE 25, 2017: WHILE speaking at a FIEO event here, the Commerce Secretary, Ms Rita Teotia, has said that deemed Export Benefits may discontinue as all will get level playing field in the GST regime. While replying to the concerns of exporters due to regular beak down in Icegate server of Customs, she said that the Department is in the process of upgrading the system so that all the issues of the exporters and importers will be solved.

While giving inputs for the mid-term review of the FTP, exporters argued for continuation of all schemes to make Indian products competitive as well as the need for exemption route instead of tax payment and then take refund. Silk industry in Karnataka stated that introduction of 5 % GST for Silk industry will harm their growth as they are facing competition from countries like China and the process is done by marginal worksman.

Mr Ganesh Kumar Gupta, President, FIEO in his address said that major global trade is happening in high and medium technology sector where India’s share is absolutely low. China has constantly been increasing its share in this sector and thereby showing quantum jump in exports. He urged the Commerce Secretary to provide fiscal stimulus to high and medium technology sector in the Mid-term review of the Foreign Trade Policy. He also stressed the need to build India as reputation of being the leader in software to sell our hardware and software embedded hardware.

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