Export norms changed further to clear procedural mess post-GST

Customs dept has issued clarification on exchange rate for drawback purposes, supply rules to SEZs

In a move to sort out the procedural mess that exports have got stuck into after the roll-out of the goods and services tax (GST), the Customs department has notified that currency exchange rates for drawback purposes would be announced on a fortnightly basis, as was the case earlier.

“Customs duty is payable only in the rupee, and GST norms had stipulated that foreign exchange conversions should be according to the Reserve Bank of India’s reference rate, which is updated on a daily basis. Traders had complained that it made processing large volumes of payments difficult,” said Abhishek Jain, tax