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FinMin to refund Rs 600 cr to exporters for resolving GST related issues

The refund scheme will be such that it is legally tenable and financially viable

Press Trust of India  |  New Delhi 

GSTR1 nosedives as businesses get filing breather
Illustration: Ajay Mohanty

The has decided to refund Rs 600 crore of taxes to exporters in the next few days to help them tide over problems on account of GST implementation, a government official said on Friday.

The ministry is also working on a scheme for refund of taxes for exporters.

"Rs 600 crore will be refunded in the next few days. Going forward, refunds will be given in three days. A new scheme for exporters will be placed before the GST Council on October 6," the official said.

The refund scheme will be such that it is legally tenable and financially viable, the official added.

The move assumes significance as (FIEO) Director General Ajay Sahai has said that if refund does not start flowing immediately, then about Rs 60,000-65,000 crore would be stuck by the end of October.

has time and again stated that exporters are facing liquidity problems due to the implementation of the Goods and Services Tax (GST).

Earlier they used to get ab-initio exemption on indirect taxes. But now under the GST regime, they have to pay first and then seek refund, which is a time-consuming and cumbersome process.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, September 22 2017. 17:36 IST