As India extended the foreign trade policy till march 2023. Traders are demanding to extend the GST exemption on Export freight.
The Federation of Indian Export Organizations (FIEO) expresses that the GST exemption is not being extended. They said that the exemption is already extended twice a time till it was announced.
The export freight rate is about 300 to 350% before covid-19 pandemic but after the exemption twice a time. Now, there is a slight decline in the export freight but it is still 200 to 250%.
According to the government, the exporters have to pay 18% GST for foreign export freights which increases the price of the product in the international trade market.
Exporters are also complaining about the GST refund, they said the refund comes after 2-3 months of payment which slows the flow of cash in the international trade market.
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