in the Conference Room of the Council along with the presentation of Annual Report for the year 2016-17 of the Council. ICEGATE Working/ DGFT Server/ GST PORTAL glitchesīesides this, CHEMEXCIL organized 54th Annual General Meeting on 15th September, 2017 at 11.00 a.m.Promotion of value added Products of Castor Oil:.Inclusion of Chapter 28 and 29 items under EU GSP:.Expansion Of Interest Equalization Scheme by inclusion Of Merchant Exporters and addition of More tariff Lines:.
Review Of ASEAN FTA / Better Market Access In Key Markets.Higher All Industries Duty Drawback Rate for 2017-18.Reduction of the GST Rate for Surfactants from 28% to 18%.Request for enhanced incentives support to Overcome Trade Barriers in Overseas Markets.Status of Export Incentives under GST Framework.Liquidity Problems faced by exporters/ processing of exporter’s refunds under GST.Suresh Prabhu, Minister of Commerce and industry on 27th September-2017 at his office and discussed below issues Shyamal Misra, IAS, Joint Secretary, EP (CAP) Ministry of Commerce and Industry. I also congratulate newly appointed Shri. Suresh Prabhu, Minister of Commerce and industry on his appointment to this position. From council, we have also represented to the Revenue Dept for inclusion in GST which will allow users to take ITC.įriends, now we are keenly awaiting the announcement of the Mid Term Foreign Trade Policy 2015-20 and hope the same addresses the concerns of the exporter’s which will boost exports. This will provide relief to the consumers for natural gas in Gujarat. I also thank the Government of Gujarat for issuing order for remission in VAT Rate on Natural Gas by 9% which will effectively reduce applicable VAT rate on Natural Gas in Gujarat from 15% to 6%. Similarly, the GST Council has also decided to reduce GST rate on MEIS scrip sale from 12 % to 5% which is highly appreciated.
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The CBEC responded positively through Circular No 5/52017-GST dated 11 August, 2017, which has now allowed the waiver of Bank Guarantee in case the exporter submits a self-attested copy of the proof of registration with a respective Export Promotion Council. Chemexcil, had taken up the matter at the different levels of the government. In particular, member exporters had requested us to take up various issues of GST and urge the government to do away with need of Bank Guarantee in case of exports being undertaken through the Bond route. I must add that in many cases, the government has timely provided guidance notes, both general and sectoral, as well as clarificatory notifications and circulars which is highly appreciated. The issues regarding LUT/ Bond/BG have been resolved to some extent and organized industry and the exporting community seem to have now got a good measure of the various issues of the GST provisions with respect to export. The trade/ industry awaits government support particularly in faster processing of GST refunds which will provide relief to the exporters. The Council has regularlytaken up these issues with the concerned authorities for redressal. This period of transition has been quite challenging for the exporters due to initial lack of clarity on export procedures under GST, liquidity issues on account of blockage of funds/ delay in GST refunds, compliance burden of GST Returns, Technical glitches on GST Portal and also concerns regarding status of export incentives under Foreign Trade Policy 2015-20. We have completed nearly three months post the GST era. I have pleasure to bring to you the 17th issue of the CHEMEXCIL e-Bulletin for the month of September 2017, which contains the following activities undertaken by the Council and other useful information/Notifications, etc. First of all, I wish you a very Happy Diwali.
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