MVIRDC World Trade Center Mumbai has submitted a memorandum to address 12 challenges faced by trade and industry in complying with GST. The memorandum has been submitted to the Central Board of Indirect Taxes & Customs (CBIC) and the GST Council.
This memorandum highlights the emerging challenges or concerns of the industry and suggests suitable recommendations to address these challenges.
It also outlines some of the existing gaps or ambiguities in the GST regulations applicable for export shipments. The Indian government may support the exporter community, which is currently facing hardship from the global slowdown, by addressing these gaps or ambiguities.
Explaining the rationale behind the policy memorandum, Vijay Kalantri, Chairman, MVIRDC WTC Mumbai, said in a statement, “The government and the CBIC are actively responding to the concerns and challenges of the industry by making necessary amendments, issuing clarificatory circulars, advisories and adding new functionalities in the GST portal in response to the needs of the industry. Yet, there are many unresolved issues and new challenges faced by the industry, which require timely action from ..
Read more at: Economic Times
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