To make the GST refund procedure fast, The Engineering Export Promotion Council (EEPC) has welcomed the foreign trade policy which analyses in terms of the mid-term review. The EEPC has named the policy as faster clearance of the GST refunds.
TS Bhasin, the chairman of EEPC while expressing the concern about the decision said, “EEPC compliments the commerce ministry for a pragmatic mid-term review of the Foreign Trade Policy with the objective of improving ease of doing business for the exporters.”
He mentioned that the present requirement in India is the faster clearance of the Goods and Services Tax (GST) refunds.
He further said, “Exporters are pleased to find that the cutting cost and time of transactions form key priorities of the government with the steps like better trade facilitation, including easing of customs procedures. But we would urge the finance ministry to ensure that the tax refunds are done at the earliest so that the tempo in export growth is maintained.”
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Explaining about the pros of the Foreign Trade Policy review, Bhasin said that the policy will be helpful in promoting exports as it sends an indication of the government’s commitment to improving exports in the country. Furthermore, this initiate is also in favour of the Reserve Bank of India for easing of interest rates.