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Trade body hails GST council decision on SEZs

Press Trust of India  |  New Delhi 

The Export Promotion Council for and EoUs has welcomed the Council's decision to treat supplies to at par with

Export Promotion Council for and EoUs (EPCES) said that earlier the supply of goods or services, to an developer and units were defined as 'zero rated supply' under IGST, and it mandated the developers and units receiving such supplies were required to take refund of the IGST.



The taxes were required to be paid at first place and then take refund, it said in a statement.

from SEZs and export oriented units (EOUs) sector contributed about 33 per cent in the country's total shipments.

Paying the duties first and then seek refund would lead to hardship to the sector as their huge amount of working capital would have been locked for some period, EPCES Chairman Rahul Gupta said.

With regard of taxation of under the regime, the official said it would be "zero rated at par with exports".

"Now we will have the same treatment for any supply made to as it is made in case of So zero rating will be the same," the official added.

Earlier it was stated that the players will first have to pay the tax and then the unit will get refund.

"Now it has been agreed that in case of physical export or anybody supplying goods to the same methodology applies. They can do it either under bond and not pay tax or they can pay IGST and take refund," the official added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Trade body hails GST council decision on SEZs

The Export Promotion Council for SEZ and EoUs has welcomed the GST Council's decision to treat supplies to special economic zones at par with exports. Export Promotion Council for SEZ and EoUs (EPCES) said that earlier the supply of goods or services, to an SEZ developer and SEZ units were defined as 'zero rated supply' under IGST, and it mandated the developers and units receiving such supplies were required to take refund of the IGST. The taxes were required to be paid at first place and then take refund, it said in a statement. Exports from SEZs and export oriented units (EOUs) sector contributed about 33 per cent in the country's total shipments. Paying the duties first and then seek refund would lead to hardship to the SEZ sector as their huge amount of working capital would have been locked for some period, EPCES Chairman Rahul Gupta said. With regard of taxation of SEZ under the GST regime, the official said it would be "zero rated at par with exports". "Now we ... The Export Promotion Council for and EoUs has welcomed the Council's decision to treat supplies to at par with

Export Promotion Council for and EoUs (EPCES) said that earlier the supply of goods or services, to an developer and units were defined as 'zero rated supply' under IGST, and it mandated the developers and units receiving such supplies were required to take refund of the IGST.

The taxes were required to be paid at first place and then take refund, it said in a statement.

from SEZs and export oriented units (EOUs) sector contributed about 33 per cent in the country's total shipments.

Paying the duties first and then seek refund would lead to hardship to the sector as their huge amount of working capital would have been locked for some period, EPCES Chairman Rahul Gupta said.

With regard of taxation of under the regime, the official said it would be "zero rated at par with exports".

"Now we will have the same treatment for any supply made to as it is made in case of So zero rating will be the same," the official added.

Earlier it was stated that the players will first have to pay the tax and then the unit will get refund.

"Now it has been agreed that in case of physical export or anybody supplying goods to the same methodology applies. They can do it either under bond and not pay tax or they can pay IGST and take refund," the official added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
177 22

Trade body hails GST council decision on SEZs

The Export Promotion Council for and EoUs has welcomed the Council's decision to treat supplies to at par with

Export Promotion Council for and EoUs (EPCES) said that earlier the supply of goods or services, to an developer and units were defined as 'zero rated supply' under IGST, and it mandated the developers and units receiving such supplies were required to take refund of the IGST.

The taxes were required to be paid at first place and then take refund, it said in a statement.

from SEZs and export oriented units (EOUs) sector contributed about 33 per cent in the country's total shipments.

Paying the duties first and then seek refund would lead to hardship to the sector as their huge amount of working capital would have been locked for some period, EPCES Chairman Rahul Gupta said.

With regard of taxation of under the regime, the official said it would be "zero rated at par with exports".

"Now we will have the same treatment for any supply made to as it is made in case of So zero rating will be the same," the official added.

Earlier it was stated that the players will first have to pay the tax and then the unit will get refund.

"Now it has been agreed that in case of physical export or anybody supplying goods to the same methodology applies. They can do it either under bond and not pay tax or they can pay IGST and take refund," the official added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22