Kolkata: The Centre will tweak SEZ and foreign trade legislations to make them compliant with the proposed Goods and Services Tax (GST) which would form the backbone of indirect tax reforms in the country soon, an official said.
“Suitable changes will have to be made in SEZ and foreign trade Acts to make them compliant with GST. Many DGFT schemes will have to be moderated as well,” Commerce Secretary Rita Teaotia said today.
Speaking on India’s foreign trade at a CII event here, she said GST would be a game changer by virtue of which the country’s GDP would increase by one to 1.5 per cent.
“On GST implementation, exports of goods and services will not attract taxes and the government is committed on zero-rating of exports,” Teaotia said.
The official said GST would also reduce the cost of locally-manufactured goods and services and also bring down logistics cost.