Exporters in South may get Rs 6,000 cr GST refund before March-end

Posted by Daily Shipping Times on 27-03-2018        Tweet

HYDERABAD: In a major relief to the exporter community in the South, both the Central and State Governments are expected to clear nearly Rs 6,000 crore of the Goods and Services Tax (GST) refund by the end this fiscal, said A. Sakthivel, Regional Chairman, South, Federation of Indian Export Organisations (FIEO)  in Hyderabad.

Speaking on the sidelines of a meet between exporters and tax officials, he said that South had an outstanding tax refund of nearly Rs 10,000 crore of which approximately Rs 4,000 crore has been paid, while the remaining is in the process of returning. On a pan-India basis, tax refunds compute to nearly Rs 30,000 crore. The export community has been badly hit due to non-refund of taxes and slowdown in global markets. “We had a bad last year on account of several global cues. However, we expect a positive 6-8% growth on stabilisation of those issues,” said Sakthivel.