13.1 C
Tuesday, April 20, 2021

Government extends foreign trade policy until September due to Covid-19

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

The government extended the existing foreign trade policy (FTP) for another six months on Wednesday until September 30 this year due to the Covid-19 pandemic, according to a notification.

FTP provides guidelines for improving exports in order to stimulate economic growth and create jobs.

READ  Stocks to watch: A2Z Infra Engineering, IRB Infra Developers, Ashok Leyland

On March 31, 2020, the government extended the 2015-20 foreign trade policy for one year until March 31, 2021, amid the coronavirus epidemic and lockdown.

READ  Sensex recovers 50,000, over 300 points, Clever exceeds 14,900

“The existing 2015-20 FTP, which is valid until March 31, 2021, is extended until September 30, 2021,” the Directorate-General for Foreign Trade said in a notification.

The Commerce Ministry said that in view of the unprecedented situation arising from the pandemic, which persists, the government has decided to continue to benefit from the various export promotion programs by expanding the existing policy.

READ  Individual health insurance vs company coverage vs provident funds: which one should you have?

A similar extension is also made in the associated procedures, extending the validity of the Procedures Manual, he said.

“The exemption from payment of the IGST (integrated tax on products and services) and the cessation of compensation on imports made within the framework of advance authorizations / EPCG (promotion of exports of capital goods) and by EOUs (Export Oriented Units) etc. have also been extended until Sept. 30, 2021, ”he says.

READ  Retail inflation likely hit 4-month high in March: poll
READ  Pandemic treaty could be brought forward at annual meeting in May: WHO chief

The additional validity period of status holder certificates is also extended, which will allow them to continue to enjoy the specified benefits.

Exports from April to February this fiscal year fell 12.23 percent to $ 256 billion. Imports during the period also fell 23.11 percent to $ 340.8 billion, leaving a trade deficit of $ 84.62 billion.


More articles


Latest article