Union commerce minister Nirmala Sitharaman on Saturday assured the exporters that they would get their refund tax claims within six to 10 days under new goods and services tax (GST) regime. She also said that if there are any extreme fluctuations in the rupee, which usually bothers exporters, it is for the Reserve Bank of India (RBI) to look into it. “On the GST concerns, the GST Council has been fairly seized our requests. (Revenue Secretary) Hasmukh Adhia has also been talking to us on the concerns of the refund. I think, on refund, we are very very clear that most of it, 90 per cent of the advanced paid money will be refunded within six to 10 days. Post which, an interest of six per cent would be given for any delay by the government to exporters,” the minister said in New Delhi. Exporters have been demanding exemption from payment of advance taxes under the GST regime arguing that delay in refunds often takes months.The minister said that on refund issue, the ministry’s request to the Council was that for small and medium enterprises (SMEs) – the commerce ministry asked them to see if they can still think of giving an alternative rather than asking them to pay advance tax first and then get refund. “We are yet to hear from them (on this issue),” the minister said. On being asked if the government is taking any steps for exporters, who have been feeling the heat as the rupee is becoming stronger, the minister said: “Rupee is market determined. I have repeated several times that exporters are fairly seized due to currency fluctuations.and these fluctuations have become a new normal. But if there are extreme fluctuations, it is for the RBI to look at, intervening just so much so that any extreme fluctuations are taken care of. So, it’s not for the government to answer on that.” On the issue of closure of Foreign Investment Promotion Board (FIPB), the minister said: “A decision has been made on the closure of FIPB. Necessary arrangements will have to be made on which discussions have happened between several ministries. You will get know soon about its closure. The cabinet has to take a call on it.” She also sought to calm frayed nerves on the contentious visa issue, saying the number of H-1B visas for Indian IT professionals would not come down. “No need to get panicky on the visa front. The lottery process is something I suppose they (the US) wanted to do a correction on. The numbers are not something they are changing. the numbers will not come down,” she said. On job creation, she said that any proposal which goes to the Union Cabinet, “its (proposal’s) implication on jobs, is something which the Prime Minister is very keen and we all are providing expected impact on direct and indirect employment of every such proposals which goes to the Cabinet”. India’s exports grew by about five per cent to $276 billion in 2016-17.
