Non – issuance of GST Refunds Led Exporters to Serious Crisis of Funds

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Non issuance of GST refunds has led to the exporters to a serious crisis of funds as the refunds were promised to be delivered fast but in real picture it is delayed – pointed by Federation of Indian Exporters Organisation (FIEO) Regional Chairman, A Shaktivel. The scenario has led many of the exporters to close down the business due to the draining of working capital and exorbitant blockage of GST funds.

To relieve the situation, FIEO called for the intervention of Union Finance Minister to order banks to grant “Bridge Loans” at soft rate of interest to exporters immediately towards GST refund receivable along with extension of full rate of duty drawback up to December 31 this year. 

Seeking extension of RoSL (Remission of State Levies) up to December 31, Shaktivel said that unless the Government comes up with the solution as suggested, the export sector would be thrown out of gear and become Non Performing Assets. Sakthivel also requested the intervention and support of the Commerce and Industry Minister as well as the State Government to overcome the crisis. 

Sources –The Economic Times

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