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Wednesday, 04 January, 2017, 17 : 00 PM [IST]

Union Commerce & Industry Minister bats exemptions under GST for Tourism & Hospitality Sector

Union Commerce & Industry Minister, Nirmala Sitharaman in her meeting with the Union Finance Minister, Arun Jaitley yesterday has suggested exemptions under GST (Goods & Services Tax) for export sensitive sectors including Tourism and Hospitality. She also asked for 100% exemption or lower slab of 5% for labour intensive sectors like plantations, leather manufacturing, etc., under the GST.

According to reports, the Union Commerce Minister also suggested a review of the current EPCG (Export Promotion of Capital Goods Authorisation) Scheme where importers of capital goods and raw materials has to claim the refunds of tax paid upfront which makes the process cumbersome. She asked simplification of the process as the refunds generally takes months. Such imports need not to be taxed upfront.

Hotels currently enjoy the EPCG scheme for importing capital goods required for hotel projects in the country.
 
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