NITN 24 Jun 2017, 11:29 am
The mid-term review aims to make the foreign trade policy relevant in the era of Goods and Services Tax, she further stated. The mid-term review of the Foreign Trade Policy for the period 2015-2020 will be notified on June 30, 2017 just when GST will be launched.
In course of addressing the queries and difficulties in import-export which were raised by the traders, Teotia remarked, foreign trade policy schemes are revised from time to time to address the needs of the business community.
“A seamless IT background will resolve most of the issues,” she said.
The Commerce Secretary also stated that issues involving other ministries and departments of the Government will be duly taken up with them by the Commerce Ministry.
About GST, Teotia said, it is a well-needed reform that will bring an end to the dysfunctional and complex taxation system. But any historical transition faces problems and for that, Government is providing support by extending the time for filing returns by two months and will not be harsh in enforcement of the new tax regime for a certain period of time, she further stated.
The Director-General of Foreign Trade A K Bhalla also participated in the interactive session and addressed various queries raised by the trading community.
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