Reduction in GST on supply of scrips to boost exports: FIEO
Welcoming the decision of the GST council of reducing the rate on supply of various scrips from 12% to 5%, FIEO said the move will give a boost to the exports sector
Mumbai: Welcoming the decision of the GST Council of reducing the rate on supply of various scrips from 12% to 5%, the Federation of Indian Export Organizations (FIEO) said the move will give a boost to the exports sector.
“Reduction of the GST rate on supply of scrips like merchandise exports from India scheme (MEIS), service exports from India scheme (SEIS), duty free import authorisation (DFIA) from 12% to 5% follows the fitment formula adopted by the Council,” FIEO president Ganesh Kumar Gupta said in a statement issued here on Sunday.
He said the decision will give a boost to premium on scrips which plummeted with restriction on utilisation of scrips in the GST regime.
“Wider utilisation of scrips will also be looked by the new Committee as the government’s objective is to benefit the exporters through the grant of scrips rather than the importers,” Gupta said.
- CBI asked to conclude Saradha, Narada probes
- Buoyant stock market, real estate made Indian HNIs wealth grow fastest in 2017: report
- US quits UN Human Rights Council, scorning it as anti-Israel
- Over 7,000 people from India applied for asylum in US in 2017: UN report
- President Ram Nath Kovind approves governor’s rule in J&K even as parties call for fresh elections
Editor's Picks »
- With fall of the last dove, MPC minutes portend more than one RBI rate hike
- RITES IPO ticks the valuations box, but not the growth one
- Is Reliance Jio really India’s most profitable telecom firm?
- How US-China trade war will affect India
- Dear ICICI Bank board, giving a red card to Chanda Kochhar is not enough