![]() Regarding setting up the network, it said, this will bring together the RBI, Customs, DGFT, GSTN, India Post, courier companies, platforms like Amazon and eBay, and the user to create a central technology platform that streamlines the entire process. ![]() “India should focus on developing market intelligence, organizing training for artisans, and facilitating the fulfilment of export orders for high-potential product categories such as handicraft, jewellery, ethnic wear, decorative paintings, and Ayurveda,” it said. Besides, the government should create a separate customs code of such shipments, exempting import duties on rejects and treating reimports as duty-exempt imports in line with global practices to reduce costs and expedite the delivery of merchandise, and allowing these exporters to claim GST refunds. China has created an efficient and seamless logistics system to ship goods to global customers,” it added. “As most trade is shifting to global value chains requiring timely deliveries, exporters must be allowed to choose the shipment mode as per their business requirements. The report also recommended raising the value cap for e-commerce exports from Rs 5 lakh to Rs 25 lakh to allow exporters to choose the shipment mode as per their business requirements. Exporters need flexibility in keeping annual turnover, and restrictions per consignment should be removed,” it said. “A 25 per cent reduction cap is too restrictive for e-commerce sales that involve discounts and returns. To simplify payment reconciliation, it suggested more time to receive export proceeds, lower restrictions on receipt of export proceeds, annual financial reconciliation process and simplification of forex payments. The report added that payment reconciliation is a major roadblock for third-party e-commerce exporters and the RBI guidelines for B2B exports need changes to accommodate B2C exports. However, it said that this conflicts with FEMA (Foreign Exchange Management Act) regulations as the platform is responsible for receiving payment, while the ownership of goods remains with the seller.Ĭompliance procedures can be challenging for small sellers due to high sales volume. Small and medium-sized firms rely on online platforms for global exposure and value- added services, such as timely payment assurance. The GTRI suggestions include redefining responsibilities of sellers simplifying payment reconciliation and processes developing business ecosystem and setting up of a National Trade Network for the medium.Īlso ReadAirtel Payments Bank to exit FY23 with over Rs 1,300-cr revenue It should include provisions for business development, easing regulatory burden, and setting up a national trade network. It added that this policy should be jointly issued by the RBI, customs, and the directorate general of foreign trade (DGFT) after making necessary changes to their regulations. As the needs of the e-commerce export sector are vastly different from the regular export sector, the e-commerce export policy should be an independent document addressing all pain points faced by exporters. Such policies in countries including China, Korea, Japan, and Vietnam, have helped many firms sell globally. To address such needs, the report recommends that the government issue a separate e-commerce export policy. It added that the current export provisions for the medium creates an enormous compliance burden on small firms. This will require focus on developing the ecosystem for e-commerce exports to fully realize its potential,” the report said. “The country must plan to export USD 350 billion, or about one-third of its total goods, through e-commerce by 2030. ![]() Currently, e-commerce exports account for only USD 2 billion, less than 0.5 per cent of the country’s total goods export basket. India’s current e-commerce export numbers remain far below their potential. ![]() GTRI has identified 21 action points for accelerating the country’s exports through online medium.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |