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Hailing the Union Commerce Ministry for the mid-term review of the Foreign Trade Policy, the Engineering Export Promotion Council (EEPC) India on Wednesday called for faster clearance of the refunds of the Goods and Services Tax (GST).
In the pre-budget consultations with Finance Minister Arun Jaitley, the council pointed out that the backlog of exporters' refunds under GST "stays quite high" majorly affecting the financial health of the SMEs, despite a large number of changes and notifications to resolve the issue.
"Exporters are pleased to find that the cutting cost and time of transactions form key priorities of the government with the steps like better trade facilitation but we would urge the Finance Ministry to ensure the tax refunds are done at the earliest," EEPC India Chairman T.S. Bhasin said in a statement.
He said steps like freeing of refurbished goods would help the MSMEs in the export sector.