The 48th GST Council Meeting held in December, 2022 under the chairmanship of the Union Finance Minister had many items on its agenda which among others also included some important clarification on s...
The Government recently notified the new Foreign Trade Policy (FTP), 2023, which has kicked-in from 1st April 2023. With this new FTP, the Government has taken an unprecedented step to keep it open ended and dynamic to meet the ever-evolving requirements of the trade. With the export revenue for the last financial year crossing more than USD 760 billion, the Government is eying new global heights. It is interesting to note that this time around, no new schemes have been notified, although time-tested incentive schemes like Advance Authorization, EPCG continue to operate. Rather, the focus is to provide for a more conducive environment for business, through trade facilitation measures including, automation, digitization, rationalization and re engineering the erstwhile processes and statutory fee structures. Overall, this would help exporters not only commence but also expand existing business, with much ease.
