​​​
  1. Finance Ministry to refund Rs 600 cr to exporters in a few days

Finance Ministry to refund Rs 600 cr to exporters in a few days

The finance ministry has decided to refund Rs 600 crore of taxes to exporters in the next few days to help them tide over problems on account of GST implementation, a government official said today.

By: | New Delhi | Published: September 22, 2017 6:37 PM
gst, 600 crore, tax refund, 600 crore tax refund, tax refund to exporter The ministry is also working on a scheme for refund of taxes for exporters. (PTI)

The finance ministry has decided to refund Rs 600 crore of taxes to exporters in the next few days to help them tide over problems on account of GST implementation, a government official said today. The ministry is also working on a scheme for refund of taxes for exporters. “Rs 600 crore will be refunded in the next few days. Going forward, refunds will be given in three days. A new scheme for exporters will be placed before the GST Council on October 6,” the official said. The refund scheme will be such that it is legally tenable and financially viable, the official added.

The move assumes significance as Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that if refund does not start flowing immediately, then about Rs 60,000-65,000 crore would be stuck by the end of October.

FIEO has time and again stated that exporters are facing liquidity problems due to the implementation of the Goods and Services Tax (GST).

Earlier they used to get ab-initio exemption on indirect taxes. But now under the GST regime, they have to pay first and then seek refund, which is a time consuming and cumbersome process.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top