Exporters told about GST benefits

Tribune News Service

Ludhiana, August 10

The Federation of Indian Export Organisations (FIEO), Ludhiana chapter, organised an interactive session on the Goods and Services Tax.

The purpose of the session was to address and clarify several queries related to the newly-implemented GST.

Senior officials from Customs and Director General of Foreign Trade were key panelists and addressed the various issues raised by the participants.

Rahul Ahuja, Convener, FIEO Punjab State Committee, shared his views about the favorable outcomes of the GST. “The GST is a uniform and comprehensive tax which integrates all states and will push the economic growth of country. The GST has replaced the complex multiple indirect tax structure,” he said.

Vinod Hari, Branch Head, Export Credit Guarantee Corporation, deliberated on the role of the ECGC in strengthening exports, right from the beginning to the completion of the process by covering all export-related risks through various schemes.

Manmohan Dhiman, Chartered Accountant, explained several aspects of the GST.

“The GST ensures uniformity in tax rates and structures, thus making India one unified common market. The phase out of Central and State Taxes has reduced the cost of goods and services which has encouraged local and foreign investment in India. Integration of multiple taxes into the GST has significantly reduced the cost of compliance and transaction cost,” he said.

Sukhdeep Singh, Assistant Commissioner, Custom Commissionerate, addressed various queries of exporters and presented a positive picture of the GST.

Rajiv Kumar Soni, Deputy Director General of Foreign Trade, talked about various aspects of the GST, including the benefits that accrue to them because of automatic and quick refund of all taxes paid on inputs. He told the exporters about various export promotion schemes, filling of the GST returns and claiming refund.