IMEC momentum to boost Karnataka exports amid global trade disruptions
GST
Dated:- 30-4-2026
PTI
Bengaluru, Apr 30 (PTI) Karnataka\u2019s exporters are set to benefit as the India-Middle East-Europe Economic Corridor (IMEC) gathers momentum as an alternative to traditional maritime choke points, a senior tax official said, pointing to shifting global trade routes amid ongoing geopolitical tensions.<\/p>\n
Addressing a seminar on \u201cNavigating Geo-Political Challenges: Policy Measures and Preparedness to Build Resilience,\u201d Kotraswamy M, Commissioner of Central Tax, Bengaluru North, said disruptions around key routes such as the Strait of Hormuz and the Suez Canal had underscored the need for more reliable corridors.<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n , the Strait of Hormuz, or even the Cape route, which are costly in terms of freight and sailing time, Kotraswamy said.<\/p>\n He added that exporters were also seeing gains from policy measures under the Goods and Services Tax (GST) regime.<\/p>\n \u201cAs exports are treated as zero-rated supplies under GST, the effective tax incidence on exports is zero per cent, allowing businesses to claim refunds on input taxes paid,\u201d he said.<\/p>\n Kotraswamy noted that over 90 per cent of refund claims were now processed within seven days, compared to 15 to 30 days earlier.<\/p>\n He further said recent recommendations had enabled automatic refund processing and reduced documentation, cutting compliance costs by 20 to 25 per cent and easing working capital pres<\/p>\n = = = = = = = =<\/p>\n
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