Source: The Hindu Business Line, May 29, 2018
New Delhi: Pending refunds to exporters under Integrated GST and Input Tax Credit (ITC) heads total ₹20,000 crore, the industry has estimated.
“Many exporters have not been able to file for refund of ITC due to technical glitches as input tax credit and exports happened in different months,” according to the Federation of Indian Export Organisations (Fieo). “The GST refund process has considerably slowed down after the clearance fortnight. Refund of over ₹20,000 crore is still pending on account of IGST and ITC.”
Despite the snag, India’s exports could touch $350 billion in 2018-19 from $302 billion in 2017-18, clocking a 15-20 per cent growth, FIEO President Ganesh Kumar Gupta told a press conference on Tuesday. Read the rest of this entry »