Foreign exchange realization information to be shared

Move is expected to strengthen processing of export transactions of taxpayers under GST, increase transparency and reduce human interface

GN Bureau | October 28, 2016


#Foreign exchange   #export transactions   #GST   #eBRC  

The Goods and Services Network(GSTN) has signed a Memorandum of Understanding with Director General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and Import Export code data, a move that is expected to strengthen processing of export transactions of taxpayers under GST, increase transparency and reduce human interface. 

 
An electronic bank realisation certificate (eBRC) captures transaction level details of foreign exchange realised in India. The eBRC project implemented by DGFT created an integrated platform for receipt, processing and subsequent use of all bank realisation related information by exporters, banks, central and state government departments. The e-BRC project enabled banks to upload foreign exchange realisation information related to exports on to the DGFT server under a secured protocol. 
 
So far 100 banks operating in India, including foreign banks and cooperative banks have uploaded more than 1.9 Crore e-BRCs on to the DGFT server. 
 
Sharing of data
The eBRC data has proved to be a significant step in reducing the transaction cost of exporters. A Bank Realisation Certificate (BRC) is required for discharge of export obligation and claiming of incentives under Foreign Trade Policy. Its is also used by state government departments for refund of VAT. In addition, it is an important economic indicator as it quantifies transaction level export earnings. 
 
DGFT has signed MOUs with 14 state governments and two central government agencies for sharing of the data. 
 
At the state level, commercial tax departments of 14 states have signed MoU with DGFT for receiving e-BRC data for VAT refund purposes. These are Maharashtra,  Delhi, Andhra Pradesh, Odisha, Chhattisgarh, Haryana,  Tamil Nadu,  Karnataka, Gujarat, Uttar Pradesh, Madhya Pradesh, Kerala, Goa, and Bihar. 
 

Comments

 

Other News

PNB fraud: Why we need banking reforms

Billionaire jeweller Nirav Modi, whose properties are being searched after Punjab National Bank reported a massive fraud of Rs 11,000 crore, is a good reason why banking reforms

Gender based atrocities happens across the world: Dr Rashmi M Oza

“Gender based discrimination is worldwide and not alone in India. Offences against women are much more severe in cases of international trafficking, forced prostitution and pornography, women including migrant and refugee women face double barriers on virtue of their gender,"said Dr Rashmi M Oza

Rashtrapati Bhawan hosts LPG Panchayat for beneficiaries

A group of 104 women beneficiaries of the Pradhan Mantri Ujjwala Yojana participated and shared their experiences at LPG Panchayat organised at the Rashtrapati Bhawan on February 13. The women delegation, falling under the BPL category, came across 27 states to narrate their success stories

Bengaluru metro gets coach unit from BEML

BEML Ltd, a defence PSU, has delivered the first intermediate metro coach (car) unit to Bengaluru Metro Rail Corporation Limited (BMRCL). The intermediate car would be integrated with the existing three-car train sets to double the present passenger carrying capacity of the Bengaluru’

BHEL gets order for emission control equipment from NTPC

BHEL has got Rs 560 crore order for the supply and installation of flue gas desulphurisation (FGD) system from NTPC for 2x490 MW National Capital Power Station (NCPS). The Indian power sector has seen an uptick in the ordering of emission control equipment due to the revised and more stringe

UBI: The devil is in the detail

Instituting Universal Basic Income (UBI) requires public support spanning demographic lines, executive backing, and strong macroeconomic fundamentals. Weaken any leg of this tripod, and the redistributive preferences of any government may shift in favour of traditional welfare support and focusing on econo

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter