The government will require necessary actions to make suitable amendments under Special Economic Zone (SEZ) and Foreign Trade Agreements (FTA) to make them consistent with Goods and Services Tax (GST).
“We need to look at our own legislation. SEZ and FTA will require suitable legislative changes to be consistent and compliant with the GST Bill,” Teaotia, revenue secretary said at an event, ‘Emerging Contours of Global Trade’, organised by industry body CII.
She also stressed on amending various schemes of Directorate General of Foreign Trade (DGFT) to bring them in line with the GST.
“Many of the schemes of DGFT are required to be moderated and modified in order to be compliant with the GST regime,” she said.
On the way forward she said “There are references in the legislation to excise tax and other duties. We are going to look at wherever any of the taxation structure is referred to and procedural parts in the SEZ Act are referred to. We need to see that they are consistent with the GST regime. So, that is the exercise.”
She further added that while backend working is on, amendments would be carried out only after final GST Law is in place.