Skip to main content

GST dues: Exporters want Govt to organise 4th tranche of special refund fortnight

Exporters have asked the government to organise the fourth tranche of its special refund fortnight to clear all the dues under the Goods & Services Tax (GST) regime as the pending claims were affecting their cash flow and competitiveness in the global market.
“Refund of IGST (Integrated GST) worth ₹ 8,000 crore and input tax credit (ITC) worth ₹ 15,000 crore are yet to be paid to exporters and it is causing a liquidity problem. In our meeting with Commerce Minister Suresh Prabhu and senior officials from the Ministry, we have urged that urgent steps should be taken to clear the dues such as organising another clearance fortnight,” FIEO President Ganesh Kumar Gupta said at an interaction with the media on Wednesday.
With the government looking at ways to reduce the widening trade deficit, exporters are of the view that improving their liquidity position could go a long way in improving exports. “The government is looking at an export growth of 16 per cent this year. With timely refund, we could try to achieve a growth rate of 21-22 per cent,” Gupta said.
Last year, India’s exports grew 9.7 per cent to $302.84 billion. In the April-August 2017-18 period, exports had posted a growth of 16 per cent, which the government is hopeful of maintaining it for the entire fiscal.
Gupta said that while the refund process has improved over the last six months, refunds can only be claimed after manufacturing of goods and exports with a lead time of about 3-9 months depending on the production cycle. “If the EU has worked out an exemption regime for exports, there must be some merit in it and we should also provide the same to our exporters to create a level-playing field,” he said.
For Indian exporters, ITC refund is a great problem as it is partly electronic and partly manual. The exporter files refund application on the portal, takes a print out along with an acknowledgement and carries it to the GST authority together with the required documents, the demand for which varies depending upon the official handling the matter, FIEO said.
“The GST Network may be asked to develop a complete EDI processing for ITC refund as has been done for IGST refund so that there is no human intervention and the process becomes seamless,” Gupta said.
By the end of the third edition of the special refund fortnight on July 31,2018, organised by the Central Board of Indirect Taxes and Customs (CBIC), the total amount of IGST refund claims disposed was worth ₹ 29,829 crore taking the disposal rate to 93 per cent, as per government figures. IGST refund worth ₹3,391 crore were sanctioned by CBIC during the fortnight.
Source: https://www.thehindubusinessline.com/economy/gst-dues-exporters-want-govt-to-organise-4th-tranche-of-special-refund-fortnight/article25181263.ece?utm_source=email&utm_medium=Email&utm_campaign=Newsletter

Comments

Post a Comment

Popular posts from this blog

Investing in Gold: Bridging Tradition with Modern Strategies in India

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...
Post a Comment
Read more

GST officers to be soon armed with real-time data on vehicles moving without e-way bills

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading.  It would also provide reports on recycling of e-way bills for tax evasion prone commodities to help officers in identifying tax evaders. Under the Goods and Services Tax (GST) regime, e-way bills have been made mandatory for inter-state transportation of goods valued over Rs 50,000 from April 2018. However, gold is exemp...
2 comments
Read more

37th GST Council Meeting Highlights

The meeting concluded with several decisions ranging from relaxations in annual return filing, rate revisions, deferment of new GST returns, changes to composition scheme, new GST exemptions and some clarifications detailed as follows: Waiver of GSTR-9A for Composition Taxpayers for FY 2017-18 & FY 2018-19 Composition dealers have been granted exemption from filing of annual returns in GSTR-9A for the fiscal years 2017-18 and 2018-19. In the future, it is mostly expected to be done away since the form GSTR-4 has been tweaked to allow an annual declaration of turnover and tax details. GSTR-9 for small taxpayers now not compulsory for FY 2017-18 & FY 2018-19 Those taxpayers having an annual turnover of up to Rs 2 crore in FY 2017-18 or FY 2018-19, may choose to not file GSTR-9, from the date to be notified by CBIC. GST Council has also decided to review the simplification of GSTR-9, 9A and 9C forms and filing. However, they must continue to file annual returns for FY...
Post a Comment
Read more