Home / Knowledge / News / Textiles / Indian Govt says FIEO's claims on GST refunds inaccurate

Indian Govt says FIEO's claims on GST refunds inaccurate

17
Oct '18
Indian Govt says FIEO
The Indian finance ministry has refuted claims by the Federation of Indian Export Organisations (FIEO) that ₹220 billion worth goods and services tax (GST) refunds is stuck, saying the figure is exaggerated and inaccurate as ₹711.69 billion worth such refunds have been disposed off till now. It asked export bodies to refrain from putting out ‘unsubstantiated’ claims.

Refund claims are being cleared expeditiously and such unsubstantiated’ claims are causing ‘needless alarm’ among exporters, the ministry said in a statement.

FIEO had recently said refunds of about ₹70 billion are pending on account of Integrated GST (IGST) and about ₹150 billion due to input tax credit (ITC) as of September 30.

The ministry clarified that IGST refund worth only ₹30.65 billion is held up due to deficiency in claims filed and the quantum of pending ITC refund is only ₹20.77 billion.

The ministry said 92.68 per cent (₹388.24 billion) of the total IGST refund claims of ₹418.89 billion have already been disposed.

"The remaining claims amounting to Rs 30.65 billion are held up on account of various deficiencies which have been communicated to exporters for remedial action," it said.

Efforts are being made continuously to clear all the dues on account of pending refund claims, the ministry added. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 15th Jun 2021

Australia, UK agree on broad terms of trade deal

Prime Ministers Scott Morrison and Boris Johnson have agreed in...

Pic: Shutterstock

Textiles | On 15th Jun 2021

Germany passes law on corporate due diligence in rights, environment

The German parliament passed a law last week that warrants large and...

Pic: Azamat Imanaliev / Shutterstock.com

Apparel/Garments | On 15th Jun 2021

Prime Content| Revenue, profits of major garment firms in China rise in Jan-April

Revenue, profits, output, online retail sales and exports of major...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

David Guiho,

David Guiho

Headquartered in Apt, South of France, Delta Plus designs, manufactures...

Emmi Berlin,

Emmi Berlin

With the support of the first investors - Finland's Technical Research...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha & Jigar blends India's unique handcrafts...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search