Kolkata, Aug 19 (IANS) The Union Ministry of Commerce is taking up initiatives to bring suitable legislative changes in the SEZ and Foreign Trade Act (FTA) to make them consistent with the Goods and Services Tax (GST) regime, a top official said on Friday.
The Ministry will also modify schemes of Directorate General of Foreign Trade (DGFT) to make them consistent with the GST regime, the official said.
“We need to look at our own legislations. SEZ and FTA will require suitable legislative changes to be consistent and compliant with the GST bill,” said Rita Teaotia, Secretary in the Ministry of Commerce.
The Ministry is taking up these initiative, she said at an event ‘Emerging Contours of Global Trade” organised by the Confederation of Indian Industry (CII) here.
“Many of the schemes of DGFT are required to be moderated and modified with the GST regime,” she said.
There is expectations that the GST would boost GDP by 1-1.5 per cent per annum, she noted.
She said government’s legal experts were evaluating the various aspects in the draft legislation.
“We would not freeze it (current exercise) till the GST Act is finalised,” she added.