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Major retrospective benefit for exporters, EOUs etc. in the form of duty drawback availability for past supplies from 5^th December 2017. Claims for 2 years can be made by the suppliers to EOUs or EOU itself and others.

Ministry of commerce implements and monitors the Foreign Trade Policy (FTP) framed for export and import transactions. FTP provides the basic framework of policy and strategy to be followed for promoting exports and trade. The policy is periodically reviewed to incorporate...

GST laws contains Transitional provisions inter alia Section 140 of CGST Act, 2017 (similar provision in State GST laws) enables the taxpayer to carry forward the unutilized input credit under pre-GST regime and allow the credit of taxes paid on the stock as on 30.06.2017 as GST credit. For this, Rule 117 of CGST rules, 2017 as amended inter alia requires the taxpayers to file Form GST TRAN-1 electronically.

This was to ensure smooth transition from old laws (Central Excise, service tax,...