Industry Minister Suresh Prabhu recently in a ministerial meeting assured
exporters of taking up the issue of GST refund with the Finance Ministry.
have been informing the government for quite some time that inordinate delay in
GST refund has landed them in a cash crunch, almost rendering them capital-dry.
asked them (exporters) to give me the details of the pending refund. GST refund
is a major issue for exports. I will take it up with the Finance Ministry,” the
Indian Export Organisations (FIEO) is of the view that the refund filing
mechanism should be made completely online and the pending GST refund released
immediately to help exporters tide over the cash crunch.
said the Government is taking all steps to further boost the Country's exports.
FIEO members here, he asked them to prepare a detailed action plan of all
sectors and sub-sectors suggesting ways to promote their exports.
a concrete plan to work on that," he said adding the Centre is also
involving States to help boost the export.
informed that he would be calling a Ministerial meeting to discuss issues
pertaining to outbound shipments.
confidence that exports during 2018-19 would be better than the previous year.
exports dipped after a gap of four months in March but finished 2017-18 with a
healthy rise of 9.78 per cent to USD 302.84 billion.
The trade deficit remained a matter of
concern and labour-intensive sectors such as gems and jewellery, RMG of all
textiles, jute manufacturing including floor covering and carpets, and agri
products were in the negative territory.
FIEO, the apex body of Indian export promotion
organisations, said that these sectors, dominated by MSMEs, are still facing
liquidity problems as banks and lending agencies are tightening norms.
raised issues related with GST refund, increasing logistics costs and inadequate
infrastructure at ports.
Government has sanctioned GST refunds to exporters to the tune of Rs 17,616
crore till March. Of this, Rs 9,604 crore is on account of integrated GST
refund and another Rs 5,510 crore on account of refund on input credit.
another Rs 34,000 crore has been refunded on account of duty drawback and
Rebate of State Levies (ROSL). M-20