Pending GST claims will be a thing of the past: FIEO

The Hindu By SPECIAL CORRESPONDENT MARCH 24, 2018 20:11 IST

Central Excise building at Churchgate will turn into GST Bhavan from tomorrow. In a historic decision Govt will roll out new unified tax structure in special midnight Parliament session. GST will replace earlier complex taxes like service tax, VAT, Sales tax. etc. Photo: | Photo Credit: Deepak Salvi

'Govt. has assured to clear the dues before March 31'

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 Rs.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 Rs.760 crore, were filed with his office by exporters since July. Of these, Rs.480 crore, pertaining to 5,700 bills, had been disbursed. The remaining include 3,800 shipping bills, relating to Rs.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 Rs.124 crore of which 150 applicants, involving Rs.100 crore, had been cleared.

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