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Changes in GST will address liquidity problem and benefit MSME segment: FIEO

The President, FIEO Mr Ganesh Kumar Gupta welcomed the changes announced by the Government consequent to the GST Council meeting held on October 6 and said that these initiatives will address the problem of the exporters particularly micro & small segments. According to him, the refund of GST for the month of July by 10th October and August by 18th October will address the liquidity concerns of the exporters.

The FIEO President also welcomed the decision to introduce e-wallet, mooted by FIEO, at the introduction of the GST which will provide a permanent solution to the liquidity problem of the export sector. During the interim period, Government will provide exemption on inputs required for export production through advance authorization, EPCG and EOU Schemes. The Government has also resolved the problem of merchant exporters by putting a duty of 0.1% on any supply from manufacturing to merchant.

The Union Minister for Commerce & Industry, Shri Suresh Prabhakar Prabhu, the Union Minister for Textiles and Information & Broadcasting, Smt. Smriti Irani, the Minister of State for Consumer Affairs, Food & Public Distribution and Commerce & Industry, Shri C.R. Chaudhary and other dignitaries at a stakeholders’ consultation, organised by the FIEO, to draw a strategy for promoting exports, in New Delhi on October 06, 2017.

The Union Minister for Commerce & Industry, Mr. Suresh Prabhakar Prabhu; the Union Minister for Textiles and Information & Broadcasting, Mrs. Smriti Irani; the Minister of State for Consumer Affairs, Food & Public Distribution and Commerce & Industry, Mr. C.R. Chaudhary; FIEO President Mr GK Gupta  and other dignitaries at a stakeholders’ consultation, organised by the FIEO, to draw a strategy for promoting exports, in New Delhi on October 6.

Earlier, FIEO organized a Stakeholders Consultation with a view to give a fillip to export sector and make India an export hub. The consultation was chaired by the Commerce & Industry Minister Mr Suresh Prabhu along with Mrs Smriti Zubin Irani, Textiles Minister; Mr Ananth Kumar, Minister for Chemicals & Fertilizers and Mr C R Chaudhary, Minister of State for Commerce & Industry. Export Promotion Councils, leading Associations, Local Chambers and Exporters representing large, medium and small sectors participated in the discussions.

Interacting with the media soon after the Stakeholders’ consultation on Exports, the Commerce and Industry Minister said that the government and exporters will work together to realize the full exports potential.

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