Breaking News

You are here » Indian-Commodity  :  Economy  :  Commerce minister to take up exporters' GST refund issue with Finance Ministry


Commerce minister to take up exporters' GST refund issue with Finance Ministry

Commerce and Industry Minister Suresh Prabhu has promised exporters of taking up the Goods and Service Tax (GST) refund issue with the Finance Ministry. He said exporters have claimed that over 60 percent of their refunds are still stuck with the government and also complained that the delay in GST refund has blocked their working capital. In order to address the issues, he has asked exporters to provide details of pending refund.

The minister has said that apart from refunds, exporters also raised issues related to increasing logistics costs and inadequate infrastructure at ports. Further, he indicated that the government has sanctioned GST refunds to exporters to the tune of Rs 17,616 crore till March. He noted that of this, Rs 9,604 crore is on account of integrated GST refund and another Rs 5,510 crore is on a ccount of refund on input credit. He added that another Rs 34,000 crore has been refunded on account of duty drawback and Rebate of State Levies (ROSL).

Prabhu further stated that Federation of Indian Export Organisations (FIEO) is of the view that the refund filing mechanism should be made fully online and the pending GST refund released immediately to help exporters tide over the cash crunch. Besides, he asked FIEO members to prepare a detailed action plan of all sectors and sub-sectors suggesting ways to promote their exports. He said that the Centre is also involving States to further boost the country's exports. He also informed that a ministerial meeting would be held to discuss issues pertaining to outbound shipments.

Related News

View all news

India's economy to grow at 7.5% in 2019, 7.7% in 2020: IMF

The International Monetary Fund (IMF) in its January World Economy Outlook update has said that India's economy is expected to grow at 7.5% in the 2019, keeping an upward trajectory as the rest of the......

India has potential to be $5 trillion economy in next 7-8 years: Suresh Prabhu

Expressing confidence over growth of Indian economy, Union Commerce and Civil Aviation Minister Suresh Prabhu stated that India has potential to be a $5 trillion economy in the next 7-8 years. He added......

Working group recommends measures to attain $5 trillion economy by 2025

In order to increase the size of India's economy to $5 trillion by 2025, a working group of the Commerce and Industry Ministry has come out with a blueprint suggesting a bunch of lengthy and short-term......

Top News

View all news

RPP Infra Projects bags orders worth Rs 62.90 crore from BHEL

RPP Infra Projects has bagged orders from Bharat Heavy Electricals (BHEL), Chennai for worth of Rs 62.90 crore. The first order is for providing civil works of Boiler, Mill and Bunker, ESP area of unit......

Glenmark gets tentative ANDA approval for Abiraterone Acetate Tablets

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Abiraterone Acetate Tablets USP, 250 mg, a generic......

HDFC Standard Life Insurance reports 18% rise in Q3 net profit

HDFC Standard Life Insurance has reported results for third quarter ended December 31, 2018. The company has reported a rise of 18.48% in its net profit at Rs 245.63 crore for the quarter under review......