Assured to the exporters that they would get their refund tax claims within seven days under the new goods and services tax (GST) regime. GST Council has been fairly seized of the tax refund issue under the new indirect tax regime, to be rolled out from July 1.
“On the refund, we are very very clear that 90 per cent of the advanced payed money (by exporters in the GST regime) will be refunded within 6 to 10 days, post which an interest of about 6 per cent will be given for any delay by the government to exporters,”Exporters have been demanding ab-initio exemption from payment of taxes under the GST regime arguing that delay in refunds often takes months. GST will help in improving exports as inputs are going to cost lesser for manufacturing exporters, as it would result in improving the product competitiveness in the global markets.
Asked about exporters’ concern on rupee fluctuations? traders are fairly seized of this as “it is not a sudden fluctuation. Currency fluctuation has become a new normal”. “But, if there are extreme fluctuations, it is for the RBI to look at intervening just that much, so that, any extreme fluctuations are taken care of,”
On job creation,“its (proposal’s) implication on jobs, is something which the Prime Minister is very keen and we all are providing expected impact on direct and indirect employment of every such proposals which goes to the Cabinet”.
India’s exports grew by about 5 per cent to USD 276 billion in 2016-17. – SAID COMMERCE MINISTER,
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