Skip to main content

Exporters urge government panel to speed up GST refunds

Exporters urge government panel to speed up GST refunds

NEW DELHI: Exporters told a high level government panel on Tuesday that that Rs 65,000 crore could get stuck in the July-October period if the current mechanism of refunds for the goods and services tax (GST) continues and asked the government to fast track the refund process to improve their liquidity situation.

Exporters flagged their concerns on liquidity crunch and the loss of competitiveness of India's exports due to the GST to a committee headed by revenue secretary Hasmukh Adhia.

Members of seven export promotion councils, Federation of Indian Export Organisations and officials from the commerce ministry discussed the issues ailing exports with Adhia, chief economic advisor Arvind Subramanian and GST commissioners of various states.

Adhia is also chairman of the Committee on Exports set up by the GST Council.

"If refund does not start flowing immediately then about Rs 65,000 crore would be stuck by the end of October. This will further deteriorate exporters' liquidity situation," said FIEO Director General Ajay Sahai.


With filing of the GST return forms- GSTR-1,2 & 3 for July now extended to October 10, October 31 and November 10, respectively, refunds are likely to come in by December.


"Huge capital is blocked in refund. Exporters will have to pay GST for July to October period from their own resources," said FIEO in its presentation.


Labels:
Location: Nandanam, TC-11/415-3, Navodaya Gardens,Nalanchira(po), Nalanchira Rd, , Parottukonam, Thiruvananthapuram, Kerala 695015, India

Comments

Post a Comment

Popular posts from this blog

BJP may spell out long-term benefits of note ban, GST

BJP may spell out long-term benefits of note ban, GST The Modi government's decision to go for demonetisation last year and implement GST (Goods and  Services Tax ) this year may have brought some "immediate pain" to the people, but the ruling  BJP  is hopeful that both policies will eventually help create a robust economy , the signs for which may start showing in the "long run" by 2019. The party believes, both the policy decisions will eventually help in cleaning up the system and create a "stronger foundation for the economy , usher in greater transparency and reduce corruption in the system".This will be the party line to be drawn up at the one-day BJP national executive coming up on September 25. That the "immediate pains" indicated by the present dip in the growth rate is hurting the ruling party as it readies for a spate of assembly polls, leading up to the 2019  Lok Sabha  elections, is clear from the fact that one of the key...
Post a Comment
Read more

With Prices Rising Post-GST, Has the Government Taken the Public for a Ride?

With Prices Rising Post-GST, Has the Government Taken the Public for a Ride? The Goods and Services Tax (GST) is awfully complex and has confused not only businesses and the public, but also the government. Credit: Reuters Have prices of goods and services risen because the implementation of the Goods and Services Tax (GST) is faulty or because it was not designed properly? Eighteen percent GST is levied on the food in a restaurant. This has raised the cost of eating out. Is this what was intended in the original design of the GST? One of the benefits of the GST touted by the government was that prices would come down, but the opposite has happened. Prices of most services have also gone up as they are now taxed at 18% while they were charged 15% in the pre-GST regime. Hence, insurance, credit card charges, banking charges and so on have all risen. Unfortunately, the wholesale price index (WPI) does not capture much of this price rise since services are not a part of thi...
Post a Comment
Read more

GST implementation smoother than expected: Jaitley

GST implementation smoother than expected: Jaitley Mumbai, Sep 22 (PTI) Finance Minister  Arun Jaitley  today said the implementation of the new taxation regime GST is going smoother than expected in initial phase. The decision-making mechanism at the top between the Centre and the states has been "reasonably institutionalised" and the mechanism created to address day-to-day issues is robust, he said. "... these are early days of the implementation of the alternative taxation system. It appears to be so far going on smoother than expected," Jaitley said, addressing the 70th annual general meeting of the Indian Banks Association here. He said the number of people coming under the network itself is now likely to expand gradually. The Goods and Services Tax (GST) was implemented from July 1 this year. It brings the economy under a uniform tax regime. Indias GDP grew slower at 5.7 per cent during April-June -- the lowest in three years of the Modi gov...
Post a Comment
Read more