India's exporters got little from this year's Union Budget. The recently implemented Goods and Services Tax (GST) further left them confused. They now can't wait to learn what 'happy surprises' the mid-term review of the Foreign Trade Policy has in store for them. And not to say, their expectations from the mid-term review have changed in the past weeks. [It's just getting bigger!] The Dollar Business reaches out to India's EXIM community to learn what it desires from the FTP revision and how GST has impacted its wishlist.
The good news is that over the last few months, ex-ports from India are on the rise. The not so good news is that while exports moved up y-o-y by 5.33% to $276.28 billion in FY2017, it is still way below the $314 billion mark touched in FY2014 and a far cry from the $900 billion target that FTP 2015-2020 had set for FY2020.
While there is no doubt that the Foreign Trade Policy (FTP) 2015-2020 went a long way in simplifying procedures and improving ease of doing business, its impact on the growth of India's exports has been at best limited. And the government, not blind to this fact, is presently undertaking a midterm review of FTP, which, following deliberations with all stakeholders, is expected to be unveiled in September this year. And high time too! Between the beginning of the deliberations on the review and now, the 'biggest tax reform' in India – the Goods and Services Tax (GST) – was implemented on July 1, 2017. And it brought forth many new challenges for the exporters. So much so that when The Dollar Business questioned exporters on issues even unrelated to the new tax regime, they replied saying most of their present challenges emanate from the GST and more than anything else, that is what they want addressed in the review.
Sure there are other long pending demands related to Advanced Authorisation Scheme, changes to SION and the usual suspects like increasing the rates of incentives and remissions, but challenges that have arisen due to the GST seem to be bothering exporters the most.
THE GST CONUNDRUM
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