Indore (Madhya Pradesh): Santosh Sahu, Deputy Commissioner of Union Finance Ministry, has said that 11.5% export growth is recorded in the multi product sector from the State. Whereas exports from IT sector have grown by 14.5%. The IT sector contributed the most in taking exports in the state to new heights. Except Crystal IT Park, the exports of the remaining four IT parks registered an increase of 14 to 132%.
He was addressing here a session and interactive meet org.sed to create a roadmap for the future in the global business world. The session was org.sed jointly by Directorate General of Foreign Trade (DGFT) and the Professional Development Committee (PDICAI) under the aegis of the city branch of the Institute of Chartered Accountants of India (ICAI) to promote professional opportunities for Chartered Accountants. Joint DGFT Suvidh Shah, while addressing the session, highlighted important points.
He threw detailed light on the subject of Foreign Trade Development and Regulation Act 1992- A Legal View and Foreign Trade Policy 2003 and its compliance from CA’s Perspectives. Indore CA branch President CA Atishay Khasgiwala said that India opened its doors for foreign trade in 1991. One of the main bodies that regulate foreign trade policies is DGFT.
When we talk about self-reliant India and 5 trillion economy or the second largest economy in the world, export trade will play a major role. In today’s trade era, export trade has been opened up with incentive schemes like no licence required for 96% exports. There is no GST and customs tax on exports.
One only need one IEC which is necessary for import export business. CA Kirti Joshi said that DGFT has helped in promoting India’s exports from $310.72 billion in the financial year 2019-20 (pre-Covid period) to $433.84 billion in the financial year 23-24, i.e. an increase of 40%. He also said that if we talk about Madhya Pradesh, its exports are only Rs 65,000 cr. which is at 13th place in India, whereas Gujarat’s exports are Rs 12 lakh cr.
CA Manas Chugh who came from Delhi talked about foreign trade policy and CA Rajneesh Kumar explained the important provisions of GST on import and export. CA Amitesh Jain conducted the programme. The said seminar was certainly informative and beneficial for chartered accountants, in which about 150 chartered accountants participated.
