The Central Board of Indirect Taxes and Customs in its press release dated 17th February 2020 discloses the measures to accomplish governments aim to turn districts into export hubs by capturing district-wise data on origin of export goods and to feed the same into national level trade policy making.
The export declarations shall capture exporters declaration that they are planning to avail India’s Free and Preferential Trade Agreements (FTAs/PTAs) being exported to partner countries. This would provide critical data on the gains being made by Indian exporters under FTAs/PTAs.
CBIC has now made it mandatory that every GST registered importer and exporter must declare their GSTIN on the import and export declarations. Not only will this help the taxpayers to claim the ITC Credit and IGST Refunds, it would also help in combatting frauds.
Click here to read the Notification.
