departmental parleys are intensifying between Department of Commerce and
Revenue for early release of pending Rs.14,000 crores of export refunds
relating to GST as the Government has already disposed off GST refunds
amounting to Rs.20,000 crores by April 2018, according to the Additional Directorate
General of Foreign Trade, Mr. N K Srivastava.
a Workshop on Issues in Export & Import of Goods & Services vis-à-vis
Foreign Trade Policy under aegis of PHD Chamber of Commerce and Industry here,
Mr. Srivastava also disclosed that the focus of the Government is also shifting
towards creation of sector specific export promotion to enable India further
rise its exports.
this effect, a Committee has been constituted within the Department of Commerce
to examine the potential of sectoral exports that have been until now stayed
put unattended to, added Mr. Srivastava pointing out that concentration of
India’s exports proceeds till now remained largely on services particularly
relating to IT.
his welcome remarks, Vice President, PHD Chamber, Mr. D K Aggarwal highlighted
the grievances being faced by exporters relating to their refunds and asked the
government to take up the issue with faster and accelerated pace.
to him, Indian exports in the last couple of years have not been proceeding
with required pace and speed including volumes,and exports have shrunk only to
an extent of 12% of GDP which is a matter of concern for India in particular
and trade in general.
Indirect Taxes Committee, PHD Chamber, Mr. Bimal Jain in his theme
presentation drew a comparison between pre-GST and post-GST exports and pointed
out that in the current regime must ensure ease of business with simplification
for exports of goods and services with timely refund of GST so as to ensure no
working capital gets blocked in the hands of exporters.