LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » India News

Mid-term foreign trade policy to be out before GST roll out: Nirmala Sitharaman

Commerce Minister Nirmala Sitharaman on Saturday said that the revised mid-term foreign trade policy (FTP) is to be announced few days ahead of July 1 before the roll out of GST. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Mid-term foreign trade policy to be out before GST roll out: Nirmala Sitharaman
Commerce Minister Nirmala Sitharaman said suggestions were made that the review should be concluded by July 1 so that it is aligned with the GST implementation. Image Source: IANS/PIB
Written By: PTI
Updated: Sat, May 06, 2017
05:07 pm
New Delhi , PTI
RELATED NEWS
GST to help push India's growth above 8%: IMF GST to help push India's growth above 8%: IMF
GST: No surprises while fixing tax rates, promises FM Jaitley GST: No surprises while fixing tax rates, promises FM Jaitley
Commerce Minister Nirmala Sitharaman to meet industry on impact of US visa regime change Commerce Minister Nirmala Sitharaman to meet industry on impact of US visa regime change
Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman
Immediate need to synergise our efforts to boost exports, says Nirmala Sitharaman Immediate need to synergise our efforts to boost exports, says Nirmala Sitharaman

Commerce Minister Nirmala Sitharaman on Saturday said the revised mid-term foreign trade policy (FTP) is to be announced few days ahead of July 1, the scheduled date for the Goods and Services Tax (GST) roll out.

After holding a meeting with various stakeholders, including exporters as part mid-term review of FTP (2015-20) in New Delhi, the minister also said that no suggestions were made to scale down the 2020 export target of $900 billion, including services.

Given the current economic and geopolitical situations globally there are concerns that international trade may be impacted.

Sitharaman said suggestions were made that the review should be concluded by July 1 so that it is aligned with the GST implementation.

 

Smt @nsitharaman at the Mid Term Review of Foreign Trade Policy (2015 - 2020) along with Secretary, @DoC_GoI & other officials. pic.twitter.com/7QFhN2qcOL

— CIM India@GOI (@CimGOI) May 6, 2017

 

ALSO READ: Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman 

 

"We found merit in the suggestion that the review of the policy should be well in time to go along with the roll out of the GST. It means I have to announce it well in time for July 1," she said.

She further said that there were certain specific suggestions and questions for the GST Council comprising state finance ministers, and headed by the Union Finance Minister.

A team including the Commerce Secretary to seek time from GST Council on the specific issue, including one related to duty refunds of exporters.

Exporters, especially from the SME sector, have expressed concerns that their funds would be locked up for several months

As per the GST norms, 90% of the refund will be given in seven days and remaining 10% will be given in 4-5 months. SME exporters expressed concerns that their funds could remain locked for long time.

During the meeting suggestions were also made to explore rupee denominated trade especially in the south east Asian nations and those in the middle east.

Suggestions were also made that the FTP should not focus only on exports but on imports as well. 

ALSO READ: GST: No surprises while fixing tax rates, promises FM Jaitley

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Foreign Trade PolicyEconomyNirmala SitharamanMid-term foreign trade policyGSTGoods and Services taxGST CouncilFTP
RELATED NEWS
GST to help push India's growth above 8%: IMF GST to help push India's growth above 8%: IMF
GST: No surprises while fixing tax rates, promises FM Jaitley GST: No surprises while fixing tax rates, promises FM Jaitley
Commerce Minister Nirmala Sitharaman to meet industry on impact of US visa regime change Commerce Minister Nirmala Sitharaman to meet industry on impact of US visa regime change
Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman
Immediate need to synergise our efforts to boost exports, says Nirmala Sitharaman Immediate need to synergise our efforts to boost exports, says Nirmala Sitharaman

LATEST NEWS

Budget 2021 Expectations LIVE: Check latest news, updates, demands here

Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list

IBPS Clerk Result 2020-21: Prelims cut off declared! Check score card, latest update at ibps.in

We expect that pharma and agro-business segments will grow at about 15% CAGR: Tarak Patel, GMM Pfaudler

Warning for bank account holders! Do this fast or you may be badly affected - check IDBI Bank notification

Sony WH-1000XM4 Review: For those who don't compromise with quality

Budget 2021: Big announcement? PM-KISAN samman nidhi yojana scheme list benefits may be hiked from Rs 6,000 to Rs 10,000

M&M would list 8 of 10 growth champs in next three years: Dr. Anish Shah, Deputy MD and Group CFO

In exclusive chat with Anil Singhvi, Borosil MD and CEO Shreevar Kheruka talks about business outlook, Budget 2021 expectations, expansion plans and much more

Earthquake in Cyprus Today: Magnitude 5 quake halts BUDGET PRESENTATION in Parliament; people in panic flee as furniture shifts, lamps sway

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved