Beginning July 1 The roll out of Goods and Services Tax (GST) will happen by this the multiple taxing systems would cut down the effects. As per the commerce secretary, It would lower the costing and the exports will become more competitive.
Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS) are India’s two main policies of export promotion would be continued after GST implementation, but to suit with the new tax regime it would be regulated said by the Commerce Secretary, Rita Teaotia. when GST is applied the time periods of validity of the schemes and of the export obligations so as to make them aligned and pragmatic so that extending the benefit to exporters becomes a part of the process, looked by the Commerce Ministry.
While delivering her address the Commerce Secretary told all this in Mumbai to the exporters at an event which was organised by the Federation of Indian Export Organisation (FIEO).
As per the incentive schemes, Trader and Exporters receive duty/tax credit notes and these are like certificates that can be given at the time of paying duties like import taxes.
There will be the low effect of duty on many items, decrease in cascading effects of multiple taxes regardless of the apprehensions felt by the EXIM (export¬ import) community, and this resulting in lowering the cost and making our exports more competitive,” said by FIEO in a statement in which they quoted Teaotia.