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Extend IGST payment exemption on machinery import: TEA

18
Sep '18
Extend IGST payment exemption on machinery import: TEA
The Tiruppur Exporters’ Association (TEA) has urged the Centre to extend the IGST payment exemption on the import of machinery under the EPCG scheme. The exemption is valid till September 30, 2018. No further extension of date will result in exporting units paying IGST upfront which is an additional burden to the units, TEA president said in a press release.

"The concern is that upfront payment of IGST will affect  the working capital of the exporting units as the GST refund through ITC refund route will take time to receive the amount," said TEA president Raja M Shanmugham.

More than 80 per cent of the exporting units are MSMEs, it will be difficult to meet the financial requirements, affecting the day to day operations, said Shanmugham adding that continuous modernisation is needed for the garment exporting units as the buyers are insisting for consistent quality and moreover insisting the units to install latest state of art technology machinery.

Shanmugham has already sent requisition letters to Suresh Prabhu, union minister of commerce & industry and others requesting to extend the IGST payment exemption on urgent basis. (RR)

Fibre2Fashion News Desk – India


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