FIEO hails the changes in GST to support Exports

Ludhiana, October 6, 2017: The President, FIEO Shri Ganesh Kumar Gupta welcomed the changes announced by the Government consequent to the GST meeting and said that these initiatives will address the problem of the exporters particularly micro & small segments.

The refund of GST for the month of July by 10th October and August by 18th October will address the liquidity concerns of the exporters.

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% on any supply from manufacturing to merchant.

These are very pragmatic decisions, said Mr Gupta, which shows the flexible approach of the Government which will ameliorate the problem of export sector and will impart much needed competitiveness to exports.

The President FIEO complimented and thanked the Hon’ble Prime Minister, Finance Minister and Commerce & Industry Minister for these far reaching decisions which will help in pushing exports on a growth path.