Commerce and Industry Minister Piyush Goyal will meet various export promotion councils on October 7 to discuss ways to boost the growth rate in the country’s outbound shipments, an official said. The meeting assumes significance as India’s exports declined by 3.52 per cent to USD 32.62 billion in September from USD 33.81 billion in the same month last year, while the trade deficit widened to USD 26.72 billion in the previous month.
The official said that representatives of export bodies including Federation of Indian Export Organisations, Apparel Export Promotion Council and Council for Leather Export will participate in the meeting.
According to an export council, the issues that will be discussed in the meeting will include export credit refinance facility, increase in interest subsidy rates, removal of GST (Goods and Services Tax) on export goods, exports to Russia and other countries for shipments of Rupee. Benefits are included. Elimination of export duty on certain products.
Exporters have urged the government to continue with the GST exemption on export cargo.
‘It’s a serious issue for us. We already face global adversities and high inflationary pressures. GST exemption is more important in the current scenario as container rates are already very high,’ said one exporter, adding that airfreight is already very high as compared to sea freight.
The exemption from GST on export cargo was introduced in 2018. It ended on 30 September. It has been extended twice. Exporters will now have to pay 18 per cent GST on exported marine goods for which they can claim a refund