The commerce ministry today said it will release the reviewed foreign trade policy (FTP) in September and not before the GST rollout as was being planned. It was announced earlier that the mid-term review of FTP would be released before July 1 to align it with the rollout of Goods and Services Tax (GST). This will allow the government to factor in the exporters' feedback on relevant issues post GST," the ministry said in a statement. The FTP review is under progress. As there is no provision of ab-initio exemption in the GST, exporters would have to pay the duties and then seek the refund.

Source: dna June 29, 2017 08:03 UTC