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Business News » India News

Exports body hails govt decision for exemption of bank guarantee

FIEO in a statement said micro and small exporters will be immensely benefited from this decision as they were struggling to get bank guarantee

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Exports body hails govt decision for exemption of bank guarantee
Federation of Indian Export Organizations (FIEO) President Ganesh Kumar Gupta and others during an interactive session of Mid Term Review of Foreign Trade Policy 2015-20 in Kolkata, on June 21, 2017. Photo: IANS
Written By: PTI
Updated: Sat, Sep 30, 2017
05:42 pm
New Delhi, PTI
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Key highlights:
  • FIEO in a statement said micro and small exporters will be immensely benefited from this decision
  • Bank guarantee exeption for small exporters for shipping goods and services much needed
  • "This is much needed simplification which will help in reducing transaction time and cost of exporters," it said

The decision to exempt small exporters from furnishing bank guarantee for shipping goods and services is a much needed solution that will help reducing transaction time and cost of exporters, FIEO said Saturday.

Federation of Indian Export Organisations (FIEO) in a statement said micro and small exporters will be immensely benefited from this decision as they were struggling to get bank guarantee.

"This is much needed simplification which will help in reducing transaction time and cost of exporters," it said.

The finance ministry on Friday stated that the government has decided to exempt small exporters from furnishing bank guarantee for shipping goods and services.

"We should gradually move towards e-LUT (Electronic Legal Undertaking) which can be furnished online so as to eliminate any physical interaction with the tax authorities," it added.

Under the Goods and Services Tax (GST), an exporter can get exemption from payment of IGST if he submits bonds or LUTs.

ALSO READ:
  • Finance Ministry allows exporters to show Letter of Undertaking in place of bond for GST
  • Exporters meet FM; demand stimulus, steps to end GST woes
  • 'Exporters in serious fiscal crisis due to GST refunds delay'

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TAGS:
exportsFederation of Indian Export Organisations (FIEO)FIEOexportersGSTShippingbank guaranteeIGSTEconomy
RELATED NEWS
Finance Ministry allows exporters to show Letter of Undertaking in place of bond for GST Finance Ministry allows exporters to show Letter of Undertaking in place of bond for GST
Small exporters exempted from furnishing bank guarantee Small exporters exempted from furnishing bank guarantee
Exporters meet FM; demand stimulus, steps to end GST woes Exporters meet FM; demand stimulus, steps to end GST woes
Industry, exporters bring up GST concerns at meet with FM Industry, exporters bring up GST concerns at meet with FM
Jaitley to discuss GST issues with industry, exporters today Jaitley to discuss GST issues with industry, exporters today

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