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GST Review March-2022

Exports under GST – A Bane or Boon

Deepali Mehta
India aims to be a $5-trillion economy by 2025. One of the conditions it must fulfil if it is to achieve this target is to triple its exports to $1 trillion by the same year. Getting to that milestone will depend a lot on how the government props up its export community – largely through its export schemes that provide a range of financial and non-financial incentives. GST, which subsumed almost all domestic indirect taxes (petroleum, alcoholic beverages and stamp duty are the major exceptions) under one head, is perhaps the biggest tax reform in the history of independent India. The consensus on its reformist credentials notwithstanding, the policy took more than a decade of political back and forth to see light of the day. Four years after its implementation, it continues to face significant challenges. Exporters are witnessing sea changes as regards export rules under the existing GST regime. I hereby take this opportunity by way of this article to present my views on Expor.......