GST and Foreign Trade Policy of India.
Do any changes expect on export benefits, exemptions and incentives in India?
At present different exemptions are allowed on import duties with various notifications, some time with multiple. The importers are awaited eagerly to watch whether IGST exemption is allowed or treating as a refunding mechanism.
Various government export promotion schemes and incentives like Duty Drawback, brand rate, SEIS, MEIS, EPCG, Advance authorization, EOU, STP etc. are effected with introduction of IGST on imports. The government may rework on the rates and exemptions on such schemes after IGST come into force. In other words, partial exemption or total exemption of IGST on certain imports may affect the mechanism of present rate of Duty draw back system and other export incentives and export schemes in India.
As per present economic status of India, the economists and policy makers need to wait and watch the effect of introduction of GST system in India to act up on correction and modification on GST system. Such amendments and modification on rates are required for India’s economic stability also.
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