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Govt to refund pending GST claims this month
Jun '18
Govt to refund pending GST claims this month
The central government has decided to refund all textile exporters’ pending claims under GST and Integrated GST (IGST) this month. Union finance minister Piyush Goyal said that the government will also clear dues of exporters under Refund of State Levies (ROSL) scheme by mid-June. He made the announcement during a meeting with various textile associations.

Goyal also said that the government will look into the duty drawback recommendations by the Pillai Committee. The issue pertaining to embedded taxes for all the textile products will also be examined, he added.

The central government will also be reviewing ROSL rates for made-ups, said Ujwal R Lahoti, chairman of The Cotton Textiles Export Promotion Council (Texprocil) in a statement. It will also look for alternative export promotion schemes by consulting the ministry of commerce.

Cotton textile exports rose 7 per cent to touch $11 billion in the last fiscal and has the potential to touch $20 billion in the next five years with Centre’s support in the form of refund of embedded taxes, ROSL scheme extension and speedy GST and IGST claim refunds, said Lahoti at the meeting with the finance minister, which was also attended by Union textile minister Smriti Irani.

Lahoti added that a holistic approach is the need to ensure tax benefits for the segments in the textile value chain. This can help increase India’s cotton textiles share in the world trade by 5 per cent, bringing it to 15 per cent, in the next 5 years. (KD)

Fibre2Fashion News Desk – India

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