 "GST")
A parliamentary panel has suggested that the government extend the duty drawback rates for exporters prevailing prior to the roll out of the Goods and Services Tax (GST) until June next year or till the revenue department fixes the revised rates.
In its report on the "Impact of Goods and Services Tax (GST) on Exports" tabled in both houses of parliament on Tuesday, the Standing Committee on Commerce chaired by Naresh Gujral (Rajya Sabha/Akali Dal) recommended that a formal mechanism be instituted for redressing the grievances of exporters.
"In order to bring relief to the exporters, the Committee recommends that the Department of Revenue, Ministry of Finance extend the pre-GST duty drawback rates till June 30, 2018, or till such time the Department works out the revised duty drawback rates," the report said.
"The Committee hopes that this will enable the exporters to overcome the problems being faced by them currently besides helping them to take a long term perspective while negotiating export orders," it added.
Noting that the GST refund mechanism for exporters is "tardy and cumbersome" due to several operational issues, the committee also suggested that a simplified system for filing of refunds needs to be devised for the ease of doing business.
"Teething problems have been there and there is a feeling that what was thought as the grand idea of GST on the ground, the implementation has not been proper," the panel said in its report.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
