May 19 th, 2017

EXIM NEWSNo Comments

As per a senior officer of GST cell, the central government is working on the export benefit scheme MEIS to make it conformable with GST.

Neeraj Prasad, Additional Commissioner, GST Cell, Central Board of Excise and Customs (CBEC) addressed the executive committee meeting of FICCI and talked about the need to change under the GST tax regime. He talked about the government rethinking about the working capital requirements being addressed and the issue of money for the same under the GST.

The government provides duty cuts to many items under the Merchandise Exports from India Scheme (MEIS) between 2%, 3% and 5% which depends on the product and country to which export is happening. Prasad told that “While manufacturing and trading activities at present times have a strong taxation orientation and the cost of logistics is high vis-­a-­vis the mature markets, adoption of GST will reduce the cost of production and distribution.”

He also talked about the technology part of logistics, like advanced telematics, real­time vehicle tracking, and route planning which are great and efficient ways to execute the operations most efficiently. Harsh Mariwala, Chairman of Ficci’s Task Force on GST talked about three-day workshops for the trade and industry people that are being planned on GST compliance in which training will be given. These workshops will be starting from June 1st week.

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