Union Finance Minister Arun Jaitley will hold a meeting on Thursday with industry representatives to discuss problems pertaining to the implementation of the Goods and Services Tax (GST), PTI quoted sources as saying on Wednesday. Industry representatives are likely to raise issues like input tax credit as well as the timely refund of duties paid by exports among others. Prime Minister Narendra Modi had earlier asked top bureaucrats in the country to ‘handhold’ traders to resolve their problems pertaining to the new tax regime.
As per PTI, representatives who would attend the meeting include Federation of Indian Chambers and Commerce Industry (FICCI), Confederation of Indian Industries (CII), Federation of Indian Export Organisations (FIEO) and FISME. FIEO has time and again raised issues related to blockage of working capital and timely refunds of GST. They have also asked that export benefit scrips should be allowed to pay IGST.
Meanwhile, the commerce ministry said it is working in close coordination with other departments to resolve exporters’ problems, including those related to the GST. “We are working very closely with other ministries to address problems faced by exporters. Discussed with (Finance Minister) Arun Jaitley ji again for GST and exports,” Union Minister Suresh Prabhu had said in a tweet on Wednesday.
Exporters body Federation of Indian Export Organisations (FIEO) has raised issues related to blockage of working capital and timely refunds of GST. The country’s exports recorded a double-digit growth of 10.29 per cent after a gap of three months to USD 23.81 billion in August, mainly on account of rise in shipments of chemicals, petroleum and engineering products.
Traders, particularly SMEs, are facing issues in filing returns, which is increasing their compliance burden.
(With inputs from PTI)