Industry urges Centre to act to reverse fall in export credit, delays in tax refund

Industry urges Centre to act to reverse fall in export credit, delays in tax refund

New Delhi, Feb 15 (IANS) Representatives of industry and exporters on Friday voiced concerns with the government, including the sharp fall in export credit, delay in the refund of input tax credit (ITC) and withdrawal of GSP benefits by the US, at a meeting here of the Board of Trade chaired by Commerce Minister Suresh Prabhu, an official statement said.

The most recent issue concerns Indo-American trade relations and relates to the US decision to withdraw the Generalised System of Preferences (GSP) that grants some Indian exports duty-free preferential access to US markets, which is to take effect shortly.

“The representatives of industry expressed concerns about decreasing flow of credit to the export sector, retrospective effect of pre-import conditions, delays in the refund of ITC, withdrawal of GSP benefits by the US, exports to Iran and availability of incentives for exports to neighbouring countries,” a Commerce Ministry statement said.

“The issues raised by the trade were addressed by the senior officials and will be taken up in the forthcoming meeting of Committee of Exports and GST Council.”

Besides Secretaries of different departments and other senior officials, the meeting was attended by all major trade and industry bodies, export promotion councils and industrialists, the statement added.

According to the ministry, on the occasion the Commerce Minister launched a new online ‘Anytime-Anywhere’ export awareness course to train, mentor and hand-hold potential exporters.

A mobile app of the Directorate General of Foreign Trade was also launched, where exporters can log their grievances, apply for licences, besides accessing information on trade notices, circulars, foreign trade policy and trade fairs.

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