New Foreign Trade Policy To Be Declared By FISME (19/5/2022)
New Foreign Trade Policy To Be Declared By FISME
GST refunds for export commodities are available on invoices of more than Rs 25,000; however, in e-commerce, where the goods sold are often worth less than Rs 10,000, MSMEs must still pay 18% GST.
For small firms, this 18% is a significant amount. In addition, MSMEs need to pay import duty on overseas e-commerce returns.
As a result, In the upcoming Foreign Trade Policy, FISME recommended a dedicated policy framework for increasing e-commerce exports.
FISME has proposed several short- to medium-term solutions to improve operational inefficiencies experienced by MSMEs when exporting via the e-commerce channel.
