Jaitley to discuss GST issues with industry, exporters today
GST has been launched since July 01, 2017 and India Inc has been asked to registers under the regime before August 15, 2017. However, many industry and exporters faced various problem since the launch of this regime.
Finance Minister Arun Jaitley on Thursday will meet industry representatives along with exporters for discussing various issues faced by them related to Goods and Services Tax (GST).
A PTI report mentioned that industry representatives would raise issues such as input tax credit and also timely refund of duties paid by exporters.
Reportedly, representatives like Ficci, CII, Federation of Indian Export Oragnisations (FIEO) and FISM are expected to be attending the meeting with the finance minister.
Earlier FIEO had mentioned that GST has caused serious financial problems to exporters. Many of them are at the verge of closure due to draining of working capital, since blockage of funds on account of GST was exorbitant.
On September 27, the commerce and industry minister Suresh Prabhu tweeted saying, "We are working very closely with other ministries to address problems faced by exporters. Discussed with (Finance Minister) Arun Jaitley ji again for GST and exports."
We r working very closely with other ministries to address problems faced by exporters Discussed with @arunjaitley ji again for GST&exports
— Suresh Prabhu (@sureshpprabhu) September 27, 2017
India's exports witnessed a double digit growth of 10.29% after a gap of three months to $23.81 billion in August, on the backdrop of rise in shipments of chemicals, petroleum and engineering products.
GST has been launched since July 01, 2017, and India Inc was given a time period till August 15, 2017 to register under the regime.
As per the data released by the government, the revenue collection based on the filing in August, has dropped.
Earlier, upto August 31, the government had stated that GST revenue collection was of Rs 94,063 crore. These collection was after the filing of returns for the month of July. While, now, the government said that up to September 25, the total revenue collection was Rs 90,669 crore.