TiviM: With implementation of new tax regime, the Goods and Services Tax (GST) drawing close; efforts are being made to inform, educate and involve business leaders who may be directly affected by this new forms of tax. One such effort was made by the World Trade Center, Goa Chapter by bringing together the exporters from Goa at Tivim Industrial Estate. The gathering was addressed by the Deputy Director General of Foreign Trade Ramesh Holeyachi and Gaurav Jain, Assistant Commissioner of Customs.
While Holeyachi highlighted the new points within the “Niryat Bandhu Scheme” Jain made a presentation on GST and its basic framework.
“India’s Exports share currently stands at around 2 per cent of the world’s total exports and the Government of India in its Foreign Trade Policy for 2015-20 has targeted to increase the exports share to 3.5 per cent corresponding to USD 90 billion,” said Holeyachi. Exports is the growth engine for the country, as it increases trade and helps us in earning valuable foreign exchange and also generates employment, he added.
Holeychi identified that lack of awareness of the various export schemes is one of the main reasons for low exports from the country. He guided the deliberations on the recently introduced REX (Registered Export System) Policy of the European Union. He further opined on Merchandise Export from India Scheme (MIES), the Service Export from India Scheme (SIES) EPCG Scheme for promotion of capital goods and the “Niryat Bandhu Scheme” for mentoring new and potential exporters.
Gaurav Jain, Assistant Commissioner, Customs and Central Excise gave a detailed presentation on the Goods and Services Tax (GST). He said that GST will help in ease of doing business, as all old manual systems will be replaced by online processes. GST would bring in better tax compliance and is crucial for success of ‘Make in India’ the flagship programme of the Government of India.
Earlier in his welcome address A O Kuruvila, Advisor, World Trade Centre, Mumbai, highlighted that Brexit has thrown a big challenge for Indian exports and the Director General of Foreign Trade and the Department of Customs are two major agencies which are facilitating Indian business to go global. India now ranks 130 out of 199 countries in the ease of doing business, he added.
S P Vernekar, President, Tivim Industrial Estate Industries Association were present on this occasion. Cyril de Souza, Assistant Director, Trade Promotion, World Trade Centre, Goa conducted the event and proposed the vote of thanks.
