The GST Council headed by Finance Minister Piyush Goyal will soon put together duty drawback measures for exporters to allow remission of countervailing duties and state levies.
Exporters have been allowed remission on the basic customs duty but other duties and imposts are yet to be covered under the new GST regime.
Commerce and Industry Minister Suresh Prabhu, DGFT Director General Alok Chaturvedi and top Commerce Ministry officials had met exporters last week regarding new Foreign Trade Policy (FTP).DGFT urged the Finance Ministry officials not to wait for the new policy rollout to extend remission on all duties uncovered under GST.
A Commerce Ministry official said that the new duty drawback will effectively resolve the working capital issues for exporters faced in the last ten months
The GST Council will also finalise the innovative e-wallet scheme for exporters .When it becomes operative, liquid funds of exporters will not get blocked.Under e-wallet, the DGFT will credit notional or virtual currency into accounts against payment of GST, IGST and various levies paid under the single impost regime.
