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Suresh Prabhu assures exporters of taking up GST refund issue with Finance Ministry

Commerce and Industry Minister Suresh Prabhu recently in a ministerial meeting assured exporters of taking up the issue of GST refund with the Finance Ministry.

Exporters 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.

"I have 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 Minister said.

Federation of 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.

Prabhu also said the Government is taking all steps to further boost the Country's exports.

Speaking to FIEO members here, he asked them to prepare a detailed action plan of all sectors and sub-sectors suggesting ways to promote their exports.

"We need a concrete plan to work on that," he said adding the Centre is also involving States to help boost the export.

Prabhu also informed that he would be calling a Ministerial meeting to discuss issues pertaining to outbound shipments.

He exuded confidence that exports during 2018-19 would be better than the previous year.

India's 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.

Exporters raised issues related with GST refund, increasing logistics costs and inadequate infrastructure at ports.

The 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.

Besides, another Rs 34,000 crore has been refunded on account of duty drawback and Rebate of State Levies (ROSL).   M-20

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