Centre urged to have relook in export of certain raw materials.

The local chapter of the Indian Chamber of Commerce and Industry has asked the Centre to have a relook at export of certain raw materials like cotton and iron ore, which has led to a loss of foreign exchange, as India was importing the finished products of the same materials at a higher rate.

In a resolution adopted at the 76th Annual General meeting, the chamber said raw material prices, including prices of oil and oil products, were on the rise, which had adversely affected exporters. A relook was essential and suitable policy initiatives had to be taken in this regard, the chamber said.

Requesting the government to look at increasing the duty drawback and Duty Entitlement Pass Book rates, it sought exempting the exporters from payment of service tax, instead of refunding it to them.

On Goods and Service Tax, the chamber sought exemption of goods from Central GST those already exempted from the State GST, it said, adding natural gas, petroleum products (Crude, motor spirit, ATF and HSD) and alcoholic beverages and real estate should be included in GST.

Source : thehindu.com