In meet with Arun Jaitley, beleaguered industry, exporters raise GST concerns

In meet with Arun Jaitley, beleaguered industry, exporters raise GST concerns

In meet with Arun Jaitley, beleaguered industry, exporters raise GST concerns

"Small exporters are particularly hit with GST as they have to borrow money to pay the tax. He said it is too early to say what is the impact of GST as two months is a short period of time", said an official who attended the meeting.

The finance minister said that the government gave opportunity to people to come clean about their accounts held overseas. They are said to suggest e-wallet facility.

Before the GST rollout, exporters had exemptions from Central and state taxes and now they want the same exemption continued against the electronic bond under the GST. The industry also demanded exemption from IGST on procurement of precious metals from nominated agencies for the goal of manufacturing and export of jewellery. Some have cut their productions also.

On the teething problems related to the implementation of GST, he said, one of the issues is reducing the compliance burden for small, medium sectors. It also asked the government to look into delays in filing of GSTR 3 should be addressed for quick refunds of IGST paid on exports. However, after the government postponed filing of invoice-wise detailed returns (GSTR-1, GSTR-2, GSTR-3), the refund has also been stuck as invoice matching cant be done with the interim summarised return (GSTR-3B).

Exporters wanted resolution of problems arising from implementation of GST.

Exporters have sought faster refund of duties, exemption from tax payment for merchant exporters and simpler tax compliance for small exporters from the government. These collection was after the filing of returns for the month of July.

Attacking his predecessor, senior BJP leader and former finance minister Yashwant Sinha on his criticism that the economy was is a slowdown mode, Union Finance Minister Arun Jaitley said, "I must confess that I do not have the luxury as yet of being a former finance Minister nor do I have the luxury of being a former finance minister who has turned a columnist".

Institute of Company Secretaries of India (ICSI) Council Member Satwinder Singh said concerns related to reverse charge mechanism and refund were raised in the meeting.

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