Goods and Services Tax – GST – Dated:- 20-9-2017 – New Delhi, Sep 19 (PTI) Fearing that a staggering ₹ 65,000 crore could get stuck in GST refunds, exporters today asked the government to fast-track the refund process and avoid further deterioration in their liquidity situation . The Committee on Exports, chaired by Revenue Secretary Hasmukh Adhia, today met 8 export promotion associations to understand their concerns post the implementation Goods and Services Tax (GST) from July 1. If refund does not start flowing immediately then about ₹ 65,000 crore would be stuck by the end of October. This will further deteriorate exporters' liquidity situation, FIEO Director General Ajay Sahai told reporters after the meeting. He hope
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need immediate refund of taxes. The Gems and Jewellery Industry demanded exemption from Integrated GST (IGST) on procurement of precious metals from the nominated agencies for the purpose of manufacture and export of jewellery. They also sought a corresponding Central GST and State GST exemption on the subsequent supply made by the nominated agencies to the exporter of jewellery. The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, had in its last meeting on September 9 decided to set up a committee under Adhia to look into the issues faced by the export sector. In its presentation before the committee, the FIEO stated that huge capital is blocked in refund and exporters will have to pay GST for July
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