"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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