‘Exporters may skip commercially sensitive information in shipping bills’

Source: The Hitavada      Date: 06 Dec 2017 10:12:37


 

Business Bureau,

The Federation of Indian Export Organisations (FIEO) in association with Vidarbha Industries Association (VIA) and Federal Bank organised one-day training programme on goods and services Tax (GST) and session on Export Data Processing & Management System (EDPMS) at VIA Auditorium, Civil Lines, Nagpur on Tuesday.


Jose Skaria, Deputy Vice President, Federal Bank, made presentation on product and services available to exporters from Federal Bank.


Srinivas K N, Assistant Vice President and Head - Forex Cell and an expert on EDPMS related issues made a comprehensive presentation on EDPMS. He said that EDPMS has given better visibility of export data leading to better monitoring and follow-up of realization and reporting along with real-time caution listing requiring exporters to be more aware of the reporting responsibilities. Regarding caution and decaution listing of exporters, he said that updated list of caution-listed exporters through EDPMS are available for AD Banks on a daily basis with the criteria laid down for cautioning or de-cautioning of exporters in EDPMS. It may be noted that extension of time given to AD banks for reconciling the outstanding entries in EDPMS and subsequent handling of export bills submitted by caution-listed exporter ended on July 15, 2017.


On August 2, 2017, Reserve Bank of India (RBI) permitted some relaxation to AD Banks. Exporters who had submitted requisite export documents with the AD Bank (s) after having realized the export proceeds in full would not be treated as caution listed till August 31, 2017.


Mihir Shah, Faculty, informed the participants about the latest changes in Provisions and Procedures of Exports under the new GST Regime. He said that the GST Council had approved the GST rate of 0.1 per cent for supplies to merchant exporters. The registered recipient i.e. merchant exporters need to provide details of all registered suppliers and corresponding invoices against each item in the shipping bill. He also explained that for the purpose of the notification the registered principal place of business or registered additional place of business for the merchant exporter shall be deemed to be a ‘registered warehouse’ and that the Merchant Exporters may, if required, exclude commercially sensitive information while providing copies of Shipping Bills to registered suppliers.


He said that as the customs system is designed to automatically grant refunds without involvement of any officer by matching information that is furnished on GSTN portal and Customs system, the responsibility is on the exporters to fill in all the details accurately.
During the question and answer session Dhananjay Sharma, Deputy Director, FIEO and Mihir Shah answered many queries raised by the participants.


Earlier, Omprakash Bagdia, Vice President – VIA welcomed the guests speakers with floral bouquets.
Dhananjay Sharma, Deputy Director, FIEO, Mumbai in his address, he said that the objective of organising the programme is to sensitise the exporters about the two burning issues that are adversely affecting the exporters.


The training would provide exporters with the proper information and guidelines to get themselves de-caution listed in EDPMS system and avoid making mistakes while exporting which leads to delay in GST refund. Shruti Surjan, Program Coordinator, VIA made an opening remarks and also proposed a formal vote of thanks. Exporters an d others attened the training programme.