GST refund of over Rs 20,000 crore still pending with government: FIEO

30 May 2018 Evaluate

Federation of Indian Export Organisations (FIEO) President Ganesh Gupta has said that refund of over Rs 20,000 crore is still pending with the government on account of IGST (integrated GST) and ITC (input tax credit). He also said that many exporters have not been able to file the refund of ITC due to technical glitches as input tax credit and exports happened in different months. Besides, he said that the delay in refund is mainly impacting small exporters who provide jobs in labour intensive sectors. He pointed out that liquidity is a major area of concern particularly for Micro, Small and Medium Enterprises (MSME) exporters, who constitute the bulk of exports in high employment intensive sectors.

According to Gupta, the challenges on GST front are continuing though the fortnight clearance drive, which was highly successful and gave hopes of refund on real-time basis. He noted that while claims over Rs 7,000 crore were cleared during March, 2018, the amount in April, 2018 is little over Rs 1,000 crore. He also said that the GST refund process has considerably slowed down and the federation has urged the Finance Minister to look into the refund problem and organise a clearance drive to liquidate the pendency and bring the refund process on track. He noted that majority of the problems relate to ITC refund which have to be done by the states as well.

FIEO President further said that the manual intervention in the tax credit refund process has added to the transaction time and cost of exporters. He also said that the provision that 90 percent of ITC refund will be issued within seven days is not being implemented by tax authorities. He noted that some of the states say that they do not have funds to clear the refund. Further, he said that after the incidents of bank frauds, banks have become extra cautious while providing credit to exporters. He stated that withdrawal of letter of offer and letter of comfort after the Nirav Modi fraud, has added to the cost of funds for exporters by 1-3 percent. He added that while banks should adhere to the procedure, they have to be pro-active to the needs of the sector.

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