Ensure faster GST refund clearance: Engineering Export Promotion Council

The Engineering Export Promotion Council (EEPC) has hailed the mid-term review of foreign trade policy but called for faster clearance of the Goods and Services Tax (GST) refunds.

"EEPC compliments the commerce ministry for a pragmatic mid-term review of the Foreign Trade Policy with the objective of improving ease of doing business for the exporters," EEPC chairman T S Bhasin said in a statement.

He, however, stated that the need for the hour and key is a faster clearance of the GST refunds.

"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, including easing of customs procedures. But we would urge the finance ministry to ensure that the tax refunds are done at the earliest so that the tempo in export growth is maintained," Bhasin said.

Overall, the Foreign Trade Policy review sends a signal about the government's commitment to promote exports. Hopefully, it is also picked up by the Reserve Bank of India for easing of interest rates, he added.