The Directorate General of Foreign Trade (DGFT) is an apex body of the Indian Government responsible for administering policies related to international trade. Recently, a meeting of Regional DGFT Authorities was held to discuss various issues related to the Goods and Services Tax (GST) regime.
The meeting was attended by representatives from various industries, including small and medium-sized businesses, who shared their grievances and suggestions related to the GST regime. The meeting was chaired by the DGFT himself, who emphasized the need for a simplified and streamlined GST system.
The meeting covered a wide range of issues related to the GST regime, including compliance, refunds, and exports. Here are some of the key takeaways:
There was a unanimous agreement among the attendees that the compliance process under the GST regime is overly complex and time-consuming. Many businesses struggle to keep up with the regular filings and documentation required under the regime, which has led to a high degree of non-compliance.
One of the suggestions put forward was to simplify the compliance process, especially for small and medium-sized businesses. It was suggested that the government introduce a self-assessment mechanism for small businesses, which would reduce the burden of compliance.
Another major issue discussed at the meeting was the delay in refunds under the GST regime. Many businesses have complained that they have not received their refunds for months, which has put a severe strain on their finances.
The attendees suggested that the government introduce a mechanism for fast-tracking refunds, especially for small and medium-sized businesses. It was suggested that the government set up a dedicated mechanism for processing refunds, which would reduce the burden on businesses.
The attendees also discussed various issues related to exports under the GST regime. One of the major issues highlighted was the lack of clarity on the GST treatment of exports.
It was suggested that the government introduce a simplified mechanism for exporting goods and services, which would reduce the complexity and time involved in the process. It was also suggested that the government provide greater clarity on the GST treatment of exports, which would help businesses plan their export strategies more effectively.
The meeting of Regional DGFT Authorities on issues related to GST was an important step towards addressing the issues faced by businesses under the GST regime. The suggestions put forward by the attendees will hopefully be taken into consideration by the government, which can help simplify and streamline the GST regime.
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