SME Times is powered by   
Search News
Just in:   • Report proposes ease of doing biz for MSEs  • 'US risks falling into economic hole without decisive action'  • FY21 NH construction pace to improve EPC players' performance: Report  • Mobile industry raises demand for GST rate cut in Budget  • FM launches Union Budget mobile app 
Last updated: 02 Dec, 2020  

EEPC Logo THMB Engineering exporters seek easier GST refund rules at BoT meet

EEPC Logo
   Top Stories
» Report proposes ease of doing biz for MSEs
» FM launches Union Budget mobile app
» Vehicle demand rises in Dec: Report
» 'Fiscal support for growth in 2020 decade likely to be lower'
» Odisha registers 55% increase in export despite Covid
SME Times News Bureau | 02 Dec, 2020
EEPC India on Wednesday sought easing of GST refund rules to reduce difficulties faced by engineering exporters in the midst of the Covid-19 pandemic.

The engineering exporters body brought out the issue of procedural bottlenecks that have resulted in denial of GST refunds in the absence of flexibility of rules.

In a presentation before the BoT meeting presided over by Commerce and Industry Minister Piyush Goyal, EEPC India Chairman Mahesh Desai said: "We are also facing immense working capital blockage problems due to enactment or operation of 'Rule 96(10) of the CGST Rules'."

Under the said rule, exporters are barred from making transactions in specific manner, for availing of the GST refunds under the IGST regime.

"But the same is causing great hardship. More importantly, this provision is causing hindrance to the promotion of exports which cannot be the policy of our government," said Desai.

"Flexibility in the hands of exporters cannot be taken away on account of procedural issues."

In other submissions before the BoT, the EEPC India Chairman said the 'Remission of Duties and Taxes and Exported Products' (RoDTEP) rate should be announced at the earliest so that it is possible for exporters to factor in the benefits from January 1, 2021.

According to Desai, RodTep of minimum 3 per cent should be given to all engineering products made from iron & steel so that, as and when higher rates are announced, they can have higher RodTep.

As it is, the incidence of duties and taxes is much higher at 7 per cent and above, he said.

On higher cost of borrowing, Desai said banks should charge the "repo rate plus 2.2 per cent" and the same should be notified by the Reserve Bank of India for rupee export credit.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 25 Jan, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» L&T secures Rs.3.44 billion project from Power Grid(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter