Commerce ministry begins review of foreign trade policy – Feedback

The commerce ministry has started review of the foreign trade policy to carry out mid-course corrections in the export schemes, if required. As part of the review, it would hold stakeholders’ consultations to understand the issues faced by exporters.

“Sectors, which feel they want something amended, deleted, tweaked or brought in, will have to engage with the ministry. We certainly want more discussions,” The ministry is also looking at the rollout of the goods and services tax (GST). “Right now, we have two schemes — advance authorisation and Export Promotion Capital Goods, where we allow duty-free imports, right from the beginning. Under the GST regime, everybody has to pay the duty first and then seek reimbursement. Once that gets decided by the GST Council, we can modify our schemes,”

http://www.business-standard.com/article/pti-stories/commerce-ministry-begins-review-of-foreign-trade-policy-116110101074_1.html

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