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Govt simplifies export procedures
Dec 07, 2017

In the mid-term review of the foreign trade policy, the government has unveiled several initiatives to improve the ease of doing business.
 
The government has introduced a new scheme that allows duty-free import of inputs for exports production after a self-declaration, as against the earlier exercise of getting a ratification from the norms committee first. This scheme, which will initially be available to authorised economic operators, will help reduce the turnaround time in sectors such as pharmaceuticals, chemicals, textiles, and engineering.
 
The trust-based self-ratification scheme to procure raw materials duty free with a self-declaration, as against getting the same ratified with the norms committee for inputs to be used in the manufacture of export products, is certainly going to scale up the capacity to cater to the global demand, said Aditya Singhania, deputy general manager, GST, Taxmann.
 
This is a strategic step, which will significantly reduce the time taken in getting the clearances from the norms committee for duty-free procurement. With this step, the exporters can self-certify the requirement of duty-free inputs and take authorisation from the DGFT (Directorate General of Foreign Trade), Singhania said.
    

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