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Extend IGST exemption under EPCG beyond March 31: TEA

26
Feb '19
Pic: Pxhere
Pic: Pxhere
The Tiruppur Exporters’ Association (TEA) has sent a representation to the Union commerce minister for extending (i) IGST exemption for import of capital goods under EPCG scheme and (ii) inputs under Advance Authorisation scheme beyond March 31, 2019. The association has sought extension for another two years to help the domestic industry bounce back.

“After implementation of GST, TEA had requested for exemption from the payment of IGST while importing capital goods under EPCG scheme or inputs like specialty fabrics under Advance Authorisation scheme and considering the need, the Government permitted for exemption from payment of IGST for a period of six months on each occasion and finally, till March 31, 2019,” TEA president Raja M Shanmugham said in a press release.

Continuous modernisation/expansion is regularly taking place in Tiruppur, comprising the sector having more than 80 per cent in MSMEs to enhance the quality for fulfilling the buyers’ requirements and also increase the productivity. At this juncture, the exporting and job working units are having doubt on continuation of IGST exemption beyond March 31, 2019, and the major concern is that the IGST paid for Capital Goods could not get adjusted/refunded. Due to this, the units are under confusion whether to place the order with machinery suppliers by presuming that the exemption would continue beyond March 31 or to wait for a clarification from the Government side, Shanmugham said.

“Once the election code of conduct is announced, probably in the second week of March, and if the IGST payment exemption notification has not been issued, then it would be a big setback for the units, particularly MSMEs going for modernization,” he added. (RKS)

Fibre2Fashion News Desk – India


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