Pending GST refund claims, a major concern for exporters, could soon be a thing of the past with the government promising to address the issue before the close of this fiscal, FIEO said.
“Most of exporters have started getting refunds... the situation is not so alarming,” A. Sakthivel, chairman, FIEO’s Southern Region said on Saturday. Of the ₹10,000-crore refunds claimed by the exporters in the southern region, ₹4,000 crore had been cleared. The government had assured to pay the balance ₹6,000 crore by March 31, disclosed Mr. Sakthivel during an interaction on the sidelines of a meeting on pending IGST/ITC refund claims organised by the Federation of Indian Export Organisations (FIEO).
He said with delay in refunds pushing exporters into a cash crunch, the FIEO engaged with the government regularly seeking an early solution. According to federation’s estimate, the pending refund claims nationwide had touched ₹30,000 crore.
Export growth
An early disposal of the claims is bound to cheer the exporters, he said, pointing out that the 3.2% global growth forecast for world trade in 2018 by the World Trade Organisation (WTO) would be a good sign for India’s export growth.
In 2017-18, India’s exports are expected to grow at 7-8%, he said, pointing out that the rate hd been lower in the previous fiscal on account of sluggish market conditions.
Hyderabad Customs Principal Commissioner A.K. Jain, said 10,000 shipping bills, seeking ₹760 crore, were filed with his office by exporters since July. Of these, ₹480 crore, pertaining to 5,700 bills, had been disbursed. The remaining include 3,800 shipping bills, relating to ₹260 crore refunds that were yet to come to the CBEC from GSTN (GST Network). Principal Commissioner, Hyderabad GST, Naresh Penumaka said 285 applicants had filed for ITC (input tax credit) refund of ₹124 crore of which 150 applicants, involving ₹100 crore, had been cleared.
