With the onset of the GST regime, there have been a lot of concerns regarding LUT/ BOND/ Bank Guarantee, Refunds, the fate of export promotion schemes, etc.
The Union government recently released the “Mid-Term Review of Foreign Trade Policy” (2015-20) to focuses on leveraging benefits of GST by exporters;
The major highlights of the revised Foreign Trade Policy (FTP), unveiled on 5th Dec. One, increases in duty credit entitlements for specified products and services under the reward schemes.
Two, making advance authorizations available to Authorised Economic Operators (AEO) without requiring them to get the input-output norms approved by the Norms Committee at the Directorate General of Foreign Trade (DGFT) and many more.
Highlights of the revised FTP policy.
A co-relation with schemes of Foreign Trade Policy (FTP) & how to understand various instruments like Advance Authorisation (AA)/ Export Promotion Capital Goods Scheme (EPCG)/ Deemed Exports (DE)- post-GST.
Definition under GST (For terms related to Export / Import)
Understanding Exports under GST
Zero Rated Supply
Procedures and Concepts of LUT/Bond for Exports
Refund of ITC on account of Exports
Refund of IGST Paid on Exports
GST Tax Invoice / Export Invoice
Certificate of Origin
Bills of Lading
Payment Realization and e-BRC
Imports Documentation & Difficulties
Import & Duty Calculation under the new GST regime