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Tuesday, 27 March 2018 - 17:15
India’s new GST system to benefit Sri Lankan exporters/importers
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The Indian officials say that the new GST system which is in place in their country will bring down the cost of imports and exports for Sri Lanka from/to India.
 
The traders based in Sri Lanka will not have to bear the cost of any indirect tax except the basic customs duty and Social Welfare Surcharge, as applicable.
 
Traders in India can now claim GST paid on imported goods as a tax credit from Government of India.
 
These details were disclosed during a workshop held in Colombo recently on Goods and Service Tax of India.
 
A three-member delegation from Central Board of Excise and Customs of India headed by Commissioner Upendra Gupta conducted a workshop for the benefit of local exporters and importers who are linked to the Indian market.
 
Launched in July 2017, GST is hailed as India’s biggest tax reform since independence.
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