WTC Jaipur organizes session on Foreign Trade Policy
WTC Jaipur organized an interactive session on Foreign Trade Policy and a session on Impact of Goods and Services Tax on foreign trade.
Welcoming all the participants , which included exporters from handicrafts , gems and jewelry , electric equipment manufactures and budding entrepreneurs Mr. Sanjay Singh , regional director , The Gem and Jewellry Export Promotion Council , said the event marks the increasing role of WTC Jaipur in the state and the support it can provide to major export sectors in the state.
Chief Guest , Mr. Virendra Singh, Jt. DGFT ,Jaipur said that direct interaction with exporter community should be organized at regular intervals. Speaking of the regulatory and administrative role, he said, DGFT formulates the export-import policies and ensures effective implementation, administer various export promotion measures and export incentive schemes, monitors the exports obligations, monitors Tariff Rate Quota allocations, import licensing and regulation thereof, export licensing and regulation thereof, export quota allocations, administration of GSP and other Certificate of Origin related matters and monitoring of import of sensitive items amongst other. He also said one important function in addition to these is, adjudication & redressal. If any question or doubt arises in respect of any provision in Foreign Trade Policy, or with Issuance of licence/ certificate/permission or regarding the classification of any item in the ITC(HS) or DEPB Rate; it shall be referred to the DGFT whose decision thereon shall be final and binding.
Session speaker Mr. Pulkit Khandelwal, CA said, “Integrated Goods and Services Tax” (IGST) means tax levied under this Act on the supply of any goods and /or services in the course of inter-State trade or commerce. Hence, the provisions of IGST act shall be applicable to supply of goods/services in the course of import and export. Important issues dealing with SEZ were also taken up.
Vote of thanks was proposed by Mr. Navneet Agarwal, Asst. Director, Trade Promotions, WTC Jaipur