The apex body for the country’s engineering exporters, EEPC India, asked commerce minister Suresh Prabhu to intervene with the Finance Ministry and the Goods and Services Tax (GST) Council and push for release of at least 90% GST refunds to exporters immediately after the shipping bills are filed.
In a statement on Wednesday, EEPC India said while the government had extended the dates for filing of July returns for GST to September 10, 25 and 30, as well as for August to October 5, 10 and 15, “ironically, it would mean blocking of GST refunds for exporters, who are in any case hard pressed for cash and have been significantly disadvantaged by the continuous rise in value of the Rupee against the U.S. dollar,” said an EEPC India statement.
GST refunds of at least ₹1,520 crore would be held up till the third week of October for the month of July. If the Integrated GST paid by exporters is added, the dues to exporters would be in excess of ₹1,700 crore for July itself, it added.